Commission president still mum on JeffCo debt crisis
In an act of financial triage, the Jefferson County Commission Tuesday approved a resolution to give the Finance Committee special powers to negotiate new agreements with investment banks. Existing contracts with those banks entitle them to as much as $500 million immediately from the county. According to the county, those banks are willing to waive their rights in order to avoid virtual foreclosure on the county.
Were those banks to demand payment, the county does not have the cash on hand to make those payments. Bankruptcy would be all but certain.
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