Boozer turned down Birmingham-Southern's request for a $30 million created by the Legislature to keep the college from closing.
State Treasurer Young Boozer told Birmingham-Southern College President Daniel Coleman in a letter that the college did not meet the minimum requirements for receiving a loan from a new program the Legislature established to keep the 167-year-old private institution from closing.accusing Boozer of undermining the Legislature’s intentions. The college has asked the court to order Boozer to disburse $16 million of its $30 million request this academic year.
Boozer’s letter denying the loan is dated Oct. 13 but Birmingham-Southern officials say they did not receive it until five days later. It was post-marked Oct. 16 and sent via regular mail. “After a thorough review of the application and all supporting documents, it has been determined that Birmingham-Southern College cannot provide the State a first security interest in its collateral assets,” Boozer wrote. “Additionally, the institution’s financial restructuring plan does not adequately provide for repayment of the loan.”
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