Bringing Transparency To Jefferson County Politics
Paul sponsored a bill this session to bring more transparency to Jefferson County government. In a county with as much corruption and mismanagment as Jefferson has, transparency is a vital part of the solution to our problems. The legislation even drew national media attention when The Wall Street Journal picked up the story today:
So as we rail against the dirty politicians in DC and Montgomery we should also remember to thank the good guys. After all, we want more of them...Governor Bob Riley signed a bill into law Tuesday that puts strict guidelines on Jefferson County's debt issuance and swap usage. Among other things, the legislation requires a public hearing before the county, which includes Birmingham, issues more than $5 million in debt or uses swaps.The bill, which passed the Alabama Senate unanimously last week and the House of Representatives last month, also requires that all interest-rate swap deals be awarded competitively and that any payments associated with them be disclosed.The new law comes as Jefferson County grapples with $3.2 billion in sewer debt related to a swap that soured when the housing crisis led to record-low interest rates. Larry Langford, former president of Jefferson County's governing commission, recently began serving a 15-year sentence for bribery in connection with county's bond dealings."I'm hopeful that with passage of this legislation, we can prevent the type of criminal activity and fraud that has led Jefferson County into the sewer debt crisis we find ourselves in now," said Representative Paul DeMarco, who sponsored the bill.