Somebody do something, please

Jeffco heading for default on $3.2 billion sewer payment- al.com

So, here is the situation. They do not have the money. Collins and the two Democrats want to raise the money through taxes and fees. The other two Republicans favor what Republicans usually do in a crisis, figuring out a way for someone to profit. In this case, it’s those wonderful folks at the Retirement Systems of Alabama; they want to declare the sewer system bankrupt and let RSA buy it at a discount. Why the state pension fund is going to buy a county sewer system is anyone’s guess; I never do understand why RSA does anything other than they think it would be neat, and sewers definitely aren’t neat unless they were built by the Romans or something.

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3 responses to “Somebody do something, please

  1. Well, there goes our retirement plan. The TIAA fund is already in the toilet, and now the pension plan fund is going to join it there. Literally.

  2. walt moffett

    Don’t know about that, If RSA can buy it at discount without having to pay off the bonds, it could be a money maker. They’d have a captive market after all.

  3. What, you don’t think JeffCo will go back to Chick Sales and chamber pots?

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