Unfortunately, not in a good way. This article (which gets into the nitty-gritty of municipal finance) explains. But you can bet that Jefferson County was by no means unique in falling into this mess. There are likely hundreds of other local government entities in a similar situation. The first exposure of the problem is in Alabama, but I’d be shocked if it were the last. And as always, it’s ordinary citizens who will pay for this.
Alabama Leads The Nation