A few details to things up.
Jefferson County (where Bham resides) is the municipality that may go belly up due to crazy financing of a boondoggle sewer system. Bham however is not facing bankruptcy.
The current mayor of Bham (Larry Langford) was County Commissioner during the above mentioned fiasco and is currently under federal indictment for directing financing/refinancing business to a firm that kicked back $ and merchandise to him.
Langford is a nutjob that has crazy visions (2020 Olympics) and has financially ruined everything he's touched.
Langford is a huge proponent of the Dome - that should tell anyone everything they need to know about it's viability!