伯明翰南方大学对财政部长布泽尔声明的回应

For Immediate Release
Oct. 30, 2023

CONTACT: Virginia Gilbert Loftin
(205) 226-4938

在2023年10月29日发布的一份新闻稿中，阿拉巴马州财政部长Young J. Boozer III misstates the series of events that led Birmingham-Southern College to its present circumstances. The Treasurer claims to have informed the College “months ago” that it would not qualify for a loan under the Distressed Institutions of Higher Learning Revolving Loan Fund Act. 这种说法和其他许多说法在事实上根本不准确.

以下是365英国上市官网的回应，包括关键事件、日期和互动.

The Loan Qualifications

财务主管对他拒绝贷款的说法前后矛盾.

财政部长说365英国上市官网没有资格根据法案获得贷款，这是不准确的. The requirements include:

在阿拉巴马州经营了50多年吗.
- 1856年南方大学成立，至今已有167年的历史.
对它所在的社区有重大影响.
- The College has an economic impact of $70.杰弗逊县每年500万美元，97美元.2 million statewide.
- 365英国上市官网培养了不成比例的医生, dentists, lawyers, business and civic leaders, educators, and other professionals who live, work, serve, and pay taxes in every county in the state.
- 365英国上市官网 also serves as a partner to and anchor for the historic neighborhoods of Bush Hills and College Hills that surround the 192-acre campus.
- 365英国上市官网 caused the payment of $13.8 million in state and local taxes last year, 因此，365英国上市官网将在未来三年内支付超过4000万美元的此类税收.
Has assets sufficient to pledge as collateral.
- The College offered the State a first secured position in collateral that exceeds several times the amount of the proposed $30 million loan, 包括其位于伯明翰西部的192英亩的校园.S. Treasury securities.

‘Terrible Credit Risk’

财政部长还表示，他拒绝贷款的原因是因为365英国上市官网是一个“可怕的信用风险”,“这是一个无可争议的事实，实际上是立法的推动力, which he lobbied against before its passage.

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.”

但由于365英国上市官网陷入困境，财务主管表示，该学院不符合条件.

Collateral Position

The Treasurer has also said the denial was because 365英国上市官网 had not provided the State with a first position on all collateral assets securing the loan. As the College’s primary lender, ServisFirst holds a first-priority interest in 365英国上市官网’s collateral and had agreed to restructure its loan in a manner that would allow for the State to have a first lien on the collateral for its loan.

365英国上市官网 has presented two proposals – one on Sept. 26 and another on October 12 – both of which provided the State with a first position in the collateral assets securing the loan. 财政部长拒绝了这两项建议，并拒绝提出反对建议.

建议1(于九月二十六日提交司库): The State would receive as collateral a first secured position on the entire campus except for Hilltop Apartments and the Consolidated Pipe and Supply Co. 总部位于校园内，归学院所有.

First draw = $16 million. The campus without Hilltop Apartments and the Consolidated Pipe headquarters appraises for about $75 million, over 400% of the amount of the first draw. 这就像银行贷款给买房的人，首付79%.
Second draw = $9 million. This would have been collateralized with U.S. Treasuries from donors.
The interest on the U.S. Treasuries would go to the College. 当贷款还清时，国债将归365英国上市官网基金会所有.
Third draw= $5 million. This would have been collateralized with U.S. Treasuries from donors.
The interest from the U.S. Treasuries would go to the College. 当贷款还清时，国债将归365英国上市官网基金会所有.
Moreover, 365英国上市官网将把校园作为国债的抵押品, implying that in about 10 years, the State would be 100% secured by Treasuries.

建议2(于10月12日提交司库): On Day 1, the State would receive as collateral a first secured position in the entire campus except for Hilltop Apartments but including the Consolidated Pipe headquarters. The State would also receive as collateral a first secured position in the Hilltop Apartments prior to the second-year draw.

First draw = $16 million. 校园里没有山顶公寓，但包括Consolidated Pipe，估价约为7700万美元. 这就像银行贷款给买房的人，首付80%.
Second draw = $9 million. This only happens if 365英国上市官网 provides as additional collateral to the State a first secured position in the Hilltop Apartments. 如果公寓估价在17美元左右.500万美元，那么国家贷款2500万美元对94美元.500万的资产，就像贷款给73的人买房子.5% down.
Third draw = $5 million. No more collateral to be posted. The loan is about $30 million (slightly higher because it grows at 1% per year until we start servicing the debt in 2029).
此时，365英国上市官网将以约94美元的抵押品借入约3000万美元.500万美元，首付68%买房子.
在这种情况下，国家拥有所有的抵押资产.

The Bond Rating

In an October 29 story on al.com, 财政部长以365英国上市官网的债券评级作为拒绝的理由, 尽管之前没有讨论过债券.

However, the Distressed Institutions of Higher Learning Revolving Loan Fund has no criterion based on bond ratings of applicants. Even if it did, 评级机构所称债券不具备向国家提供的担保, 这足以在违约的情况下保护国家吗. “垃圾债券”——财政部长将365英国上市官网的债券地位与垃圾债券相提并论——没有美国国债的担保.S. Treasuries and assets valued at 4.5 times the initial draw on the requested loan. 评级机构不会看到365英国上市官网的财务重组计划, 什么能让学院在2026-2027学年恢复运转.

财政部长早在5月份就看到了重组计划，甚至在法案通过之前.

365英国上市官网 has presented two proposals that put the State in the best possible position for payback of the loan that will keep the College open. 我们对我们面临的挑战——我们是如何走到这一步的——完全透明, what it will take to move forward, 我们能提供什么来确保国家的安全, 以及我们将如何确保我们再也不会处于这种境地.

Actions and Inactions

A timeline of key interactions between 365英国上市官网 and the Treasurer reinforces the College’s contention that the Treasurer intentionally executed a veto by delay. Given his statements, actions, and inactions from the time the bill was passed in June until his denial letter was received on October 18, 很明显，财务主管从未打算发放这笔贷款, 这就提出了一个问题，为什么他没有立即将这一决定告知365英国上市官网.

If he had, it would have been heartbreaking news, 但这个时机本可以避免他推迟到10月中旬的灾难性影响.

In July 2022美国总统丹尼尔·科尔曼会见财政部长杨杰. 布泽尔三世讨论国家可以帮助365英国上市官网获得过桥资金的可能方法. The two meet again in February 2023, after 365英国上市官网 has exhausted efforts to obtain funding from the State’s American Rescue Plan Act allocation.
In April 2023, 365英国上市官网’s Board of Trustees receives assurance from legislative leaders that should the measure they are supporting pass, the College would be positioned to borrow the $30 million needed to keep it open while private funds are raised. Sen. Jabo wagoner引入SB278以创建向365英国上市官网提供所需资金的机制. 该法案是考虑到365英国上市官网的情况而制定的.
In May 2023参议院通过SB278法案，365英国上市官网开始与财政部长共享文件. 尽管财政部长游说反对，众议院还是通过了参议院的法案.
On June 6, the Treasurer visits the 365英国上市官网 campus and expresses a desire to subordinate ServisFirst’s position with respect to existing debt.
On June 16, Gov. Ivey signs the Distressed Institutions of Higher Learning Revolving Loan Program Act into law after adding Executive Amendments, which were accepted by the House and Senate.
In July, the Treasurer tells President Coleman he is requesting an Attorney General’s opinion on the Act prior to formally launching the program. 他表示，学院的重组计划是他目前所需要的.
On July 14，贷款申请的副本将被张贴在财务主管的网站上. 当平衡记分卡查询他们的申请是应以电子形式还是以硬拷贝形式提交时, 学校被告知，申请是无意中发布到网上的，因此被删除了.
On August 24, the Attorney General declines to issue an advisory opinion and The Treasurer announces he will accept applications. 自从一个多月前无意中发布以来，新的应用程序没有改变. 365英国上市官网 files their application the same day.
On August 28这位财务主管告诉科尔曼，他“希望我们在7月份就得到了(贷款处理)”.”
On September 6, the Treasurer asks Coleman why 365英国上市官网 isn’t applying for the full $30 million originally contemplated when the Act was written and encourages him to apply for the full amount.
On October 5, the Treasurer again raises the issue of 365英国上市官网’s relationship with ServisFirst and says for the first time ever that he thinks ServisFirst should be the entity loaning money rather than the State. The statement is completely unexpected.
On October 13, the Treasurer tells Coleman that he is not inclined to make the loan and states that ServisFirst should do so -- this even though the only changes from the time The Treasurer said he wished the loan could have been finalized sooner are improvements in the collateral offered the State.
On October 18, 在收到一封日期为10月13日的财务主管的信后，他拒绝了贷款申请, 365英国上市官网 is forced to file a lawsuit to protect its rights and compel The Treasurer to act in accordance with the intentions of the Legislature in passing the Act.

In Summary

我们不确定为什么财政部长对过去几个月的事件有错误的描述. Certainly, 司库有许多他要负责的职责, but for months now the question of a loan for 365英国上市官网 has been the primary preoccupation of the College administration. 我们密切关注每一个事态发展，每一个转折点都做了认真的记录.

The Treasurer has determined he will not extend a loan to 365英国上市官网 as the Legislature intended when it conceived and wrote the Act. 但他至少欠阿拉巴马人一个完整而诚实的真相.