Jefferson County, Alabama

News and Announcements



Birmingham, AL – Jefferson County has completed its refinance of $2.24 billion of sewer revenue warrants for a gross savings of $1.17 billion, which reduces the County’s payments on the overall sewer debt. In addition, the refunding was accomplished without extending the maturity of the sewer debt. The refinance includes a provision for a customer assistance program and stabilizes rate increases.

“This is great news for the citizens of Jefferson County. It stabilizes the financial position of the County,” said Commission President Jimmie Stephens. “We made promises when we emerged from bankruptcy to rebuild our credit and reputation, today we kept those promises. We appreciate the engagement by the finance team that worked seamlessly with the county to make this transaction a tremendous success.”

Commissioner Joe Knight, Chair of the Finance Committee, added “Since the bankruptcy, we have put Jefferson County back together piece by piece – the market confirmed our efforts today. It has been a collective endeavor with our team at the County, and their hard work has made this possible.”

“Today’s refinancing of more than $2.3 billion represents the effectiveness and compassion of the current Jefferson County Commission,” said Commissioner Lashunda Scales, chair of the Public Works Committee. “Strong advocation for lower debt re-payments on behalf of county residents and stakeholders, more specifically districts 1 and 2, and intensive marketing efforts to investors resulted in the County’s ability to stabilize annual rate increases of 3.49% for 30 years, including two minority underwriting firms at 15%, and a provision for a customer assistance program for eligible residents is huge.”

County Manager Cal Markert added, “The result of the transaction is a reflection of the County staff and the Department of Environmental Services who has created a sustainable, well-run department that is capable of serving the citizens for many years to come.”

The financing team that worked with the county to manage the transaction includes underwriters: Raymond James and Associates; Stifel, Nicolaus & Company; B of A Securities; Morgan Stanley & Company; Siebert Williams & Shank, Co.; Loop Capital Markets; Jefferies and Piper Sandler & Company.

Founded in 1819, Jefferson County is the most populated county in the State with more than 670,000 residents. It is governed by five commissioners elected from specific districts. Commission meetings are listed on the county website calendar at and can be watched live, along with all Planning and Zoning Board meetings. A video archive of those meetings is also available on our website.