Bank of New York Mellon v. Jefferson County (In re Jefferson County)

Amended Memorandum Opinion On Net Revenues And Applicability of 11 U.S.C. § 928(b)

THOMAS B. BENNETT, Bankruptcy Judge.

This declaratory judgment action is the reaction of The Bank of New York Mellon and those joining it as plaintiffs to a stance taken by Jefferson County, Alabama (hereinafter sometimes the County). The stand taken by the County is that the monthly withholding of millions of dollars that had not been, to the degree and scope now argued by the County, if at all, part of the calculus in determining how much of its sewer system’s revenues are to be paid to warrant holders…