Jefferson County, Ala., will settle a bankruptcy claim held by school-system bondholder Depfa Bank Plc, that will save the county about $1 million a year, Bloomberg News reported yesterday. The county and the bank will sign the agreement to reduce the interest rate on about $162 million, County Commissioner Jimmie Stephens, who heads the commission’s finance committee, said on Wednesday. Commissioners approved the arrangement yesterday without discussion. The settlement is one of three signed with creditors so far in the case, Stephens said. It will not affect the continuing battle between the county and sewer warrant holders owed more than $3 billion.
