Skip to content
Subscriber Only

Birmingham Sells Water Bonds Trailing Market Return: Muni Deals

The Water Works Board of Birmingham, the seat of bankrupt Jefferson County, Alabama, is selling $154 million of bonds as such revenue debt delivers the year’s worst returns.

Most of the tax-exempt debt will refund 2006 water and sewer bonds, said Moody’s Investors Service, which rates the securities Aa2, third-highest. About $72 million will pay for water-system improvements, deal documents show. The offer, set for this week, is the issuer’s largest since May 2009.