BSC escalated the war of words with the official who denied the private college a $30 million state loan that it said it needed to avoid closure.
Birmingham-Southern College traces its history to 1858. BSC formed from a 1918 merger of Southern University, dating to 1856, and Birmingham College, dating to 1898, both founded by the Methodist Church. Birmingham-Southern College issued a statement on Monday disputing claims by State Treasurer Young Boozer, escalating the war of words with the state official who denied the private college a $30 million state loan that it said it needed to avoid closure.
Boozer also took issue with the accusation that he’d said BSC was “not a good credit risk.” In a statement issued Sunday, he specified that his actual stated position is that it is a “terrible credit risk.” The Treasurer has said BSC did not qualify for the loan under the Act, which is inaccurate. The requirements include:Founded as Southern University in 1856, BSC has operated for 167 years.The College has an economic impact of $70.5 million per year in Jefferson County and $97.2 million statewide.
If a college or university had an A rating from Moody’s or an excellent credit rating or the ability to borrow more from a bank, that institution would not qualify for the Distressed Institutions of Higher Learning Revolving Loan Fund because it would not be “distressed.”The Treasurer has also said the denial was because BSC had not provided the State with a first position on all collateral assets securing the loan.
First draw=$16 million. The campus without Hilltop Apartments but including Consolidated Pipe appraises for about $77 million. This is like a bank lending money to someone to buy a house with 80% down payment. The Treasurer has determined he will not extend a loan to BSC as the Legislature intended when it conceived and wrote the Act. But he at least owes Alabamians the full and honest truth.
Good faith was not betrayed over the several months of working with President Coleman to attempt to deliver this bridge loan to the College. The Treasurer’s previous press releases show the activities undertaken and their timing. President Coleman was informed of them as they took place. Based on the true timeline there is no evidence that the Treasurer’s behavior was arbitrary and/or capricious.
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