A federal judge in Alabama has approved Jefferson County's debt adjustment plan, paving the way for the county to exit its $4.23 billion bankruptcy - the second-largest municipal bankruptcy in U.S. history. U.S. Bankruptcy Judge Thomas Bennett approved the plan after the county agreed to make several concessions, such as giving up some of its authority to set future sewer rates. Under the terms of the agreement - which was largely built on a settlement between the county, J.P. Morgan, and other creditors - the bankruptcy court must retain power over the county until $1.84 billion in new sewer debt is paid off over a period of 40 years, according to Bloomberg. After the bankruptcy case becomes inactive, a trustee for warrant holders will be allowed to request the right to force any sewer rate increases that may be needed to cover the debt, in what Bloomberg calls an "unusual agreement." However, Judge Bennett said that this scenario was unlikely to occur within a 10-year period. Additionally, County commissioners finalized pricing documents for $1.8 billion of sewer warrants sold this week, and received approximately $3.25 billion in orders for the debt, according to the Bond Buyer. The bonds will be sold Dec. 3, which is the day the county will officially exit formal bankruptcy proceedings. "We are excited to move into the next phase of this commission ... what the county needs is more jobs, more businesses," Commission President David Carrington told All Alabama. "That will stimulate a growth in population and that will stimulate housing developments." Jefferson County filed for protection under Chapter 9 of the bankruptcy law in November 2011, after buckling under the weight of a failed sewer deal. Many of the county's bond dealings were also affected by corruption, and several former county officials convicted of wrongdoing are serving prison sentences.