Alabama State Treasurer: Alabama State Treasurer Young Boozer expressed disappointment with Birmingham-Southern College (BSC) President Daniel Coleman’s criticism over the denial of a $30 million state loan. The private school faces a possible shutdown due to financial troubles and declining enrollment.
Legislators approved the Distressed Institutions of Higher Education Revolving Loan Program, allocating $30 million in the 2023 legislative session. However, Montgomery County Circuit Judge James Anderson dismissed BSC’s lawsuit against Boozer.
Coleman, in response, expressed disappointment and hinted at a possible appeal to the Alabama Supreme Court. He accused Boozer of acting arbitrarily, capriciously, and in bad faith, alleging misinterpretation of the law.
The Alabama State Treasurers Office defended its decision, citing insufficient collateral and a lack of a first perfected security interest in all collateral assets. They emphasized that BSC is a “terrible credit risk,” with a Moody’s credit rating of Caa2, one step above default.
Boozer criticized Coleman’s “incendiary rhetoric” and affirmed adherence to the law. The Treasurer’s Office spokesperson stated that any delays were due to negotiations with the existing lender and accused Coleman of misinterpreting the Act.
The Treasurer’s careful investigation of BSC’s creditworthiness led to the loan denial, communicated to Coleman on October 13, 2023. The school’s board will decide on October 31 whether to close the institution.
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Our Reader’s Queries
Who is the state treasurer of Alabama?
Young J. Boozer, III currently holds the position of the 41st State Treasurer of Alabama.
How do I recover unclaimed money in Alabama?
To find unclaimed funds, go to the Unclaimed Funds Locator and choose ALNB – Alabama Northern from the drop-down menu. Then, enter the necessary search details. For more help, reach out to the Clerk’s office at (205) 714-4008.
What does the state treasurer do in Alabama?
Treasurer Young Boozer oversees the handling of state funds, including receiving, depositing, and investing cash, managing bonds, handling unclaimed property, overseeing savings programs, and managing public funds deposits.
How do I find unclaimed money in Oklahoma?
Twice a year, newspapers in Oklahoma publish reports about unclaimed property. The law that handles unclaimed property, called the Uniform Unclaimed Property Act, can be found in the Oklahoma Statutes at Title 60, section 651 et seq. You can check out these reports for free on the Oklahoma Supreme Court Network or through the Legislative Service Bureau.