A new bill that would remove State Treasurer Young Boozer from administering millions of dollars worth of loans to Birmingham Southern College was introduced in the Alabama General Assembly for consideration in the 2024 legislative session, which began last week. Ta.

Last year, members of the Alabama House and Senate sponsored a bill authorizing a higher education loan program with the situation at Birmingham Southern College in mind. Late last year, State Treasurer Young Boozer announced that the program would not be implemented in the case of BSC, citing reasons stated in an editorial column distributed this week.

BSC Schools Superintendent Daniel Coleman said in a recent letter to school supporters earlier this week that state Sen. Jabo Wagoner (R-Vestavia Hills), a BSC alumnus, filed Senate Bill 31. I expressed my gratitude for that.

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“We are deeply grateful to Senator Wagoner for his steadfast support over the past year, especially in pursuing this important funding,” Coleman wrote. “We are also deeply grateful to the other 20 senators who collaborated on this effort, and to the members of the House of Representatives who voiced their support for BSC.

Among other things, the new bill would replace Mr. Boozer with Dr. Jim Purcell, executive director of the Alabama State Commission on Higher Education, as the person who would approve loans to financially distressed universities. It would also require state-regulated banks to review and approve collateral and restructuring plans, and compel universities to pay based on bank proposals.

The new bill will now be debated by the Senate Finance and Taxation Education Committee.

BSC officials stressed that the university will close if loans are not made available soon.

Austin Shipley is a staff writer at Yellowhammer News.