BIRMINGHAM, Ala. (AP) -- Alabama's largest county offered a plan Friday to restructure its $3.2 billion sewer debt and, at least for now, put off filing the largest municipal bankruptcy in U.S. history.Gov. Bob Riley said an attorney for Jefferson County proposed restructuring the bond debt at a lower, fixed rate over a longer term, and Wall Street creditors allowed the county to delay any further interest payments at no cost until Sept. 30.
"The tone of the meeting was positive and constructive, and I remain willing to facilitate further progress towards a solution," Riley said in a statement.
The meeting was held at the Capitol in Montgomery. The county has given the Republican governor authority to oversee the negotiations or pursue a bankruptcy filing.
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