Montgomery County Circuit Judge James Anderson said the law appears to give the treasurer discretion over whether to approve loans from a new fund established by the Legislature.
Montgomery County Circuit Judge James Anderson questioned lawyers Thursday about whether the court has the authority to order State Treasurer Young Boozer to issue a loan intended to keep Birmingham-Southern College from closing.Birmingham-Southern has asked the court to order Boozer to approve the college’s application for a $30 million loan and disburse the first $16 million this academic year.
Lawyers for the college said it could close for good after this semester if it does not receive the loan. Anderson noted the Legislature’s language, “may, in his or her judgment, award a loan.” He said lawmakers could have used the word “shall” award a loan if their intent was to limit the treasurer’s discretion and require the treasurer to issue loans to colleges that met the criteria.
Birmingham-Southern said it submitted its application on Aug. 24, the first day applications were available. The college said it pledged collateral in property on its 192-acre campus and in U.S. Treasury notes that exceeded what was required for the amount it was borrowing.
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