A Great Start

For Immediate Release
Feb. 7, 2024

As Spring Term got off to a great start on Tuesday, so did our efforts in Montgomery. I am pleased to report that SB31 – which will amend the 2023 bill that provided a pathway for bridge funding – was introduced on Tuesday by Sen. Jabo Waggoner ‘60 and co-sponsored by 20 other senators from around the state.

We are deeply grateful to Sen. Waggoner for his steadfast support, especially through the last long year in pursuit of this critical funding. And we are also deeply grateful to the other 20 senators who have joined him in this effort, as well as to members of the House who have expressed support for BSC. SB31 amends the existing act by changing the process of distributing $30 million allocated to the Distressed Institutions of Higher Education Revolving Loan Fund.

It moves the administration of the loan program to the Executive Director of the Alabama Commission on Higher Education, who has expertise specific to higher education finance and governance.
It requires a state-regulated bank to review and approve the collateral offered and the restructuring plan submitted.
It requires repayment according to the bank-approved plan within 20 years according to terms that include an interest rate commensurate with the rates charged under the State Revolving Fund, an existing low-interest loan program through which public infrastructure projects are financed.

What Happens Next?

After it was introduced by Sen. Waggoner, SB31 was referred to the Senate Finance and Taxation Education Committee for consideration. Assuming it receives a majority vote in committee, it will be reported out favorably, given a second reading on the Senate floor, and then placed on the regular Senate calendar for a third reading, followed by debate and a vote. A 51 percent majority is required for passage.

At that point, the bill will move to the House, where the same process takes place. If the House makes changes to the bill, it will be sent back to the Senate for consideration. Both the House and Senate must pass identical versions of the bill before it can be sent to the Governor’s desk for signature or veto. Under Alabama law, the Legislature can override a veto with a 51 percent majority vote.

In the Meantime

While the bill makes its way through this process, we will press for a speedy resolution to the uncertainty that all of you have endured since the State Treasurer’s October decision to deny BSC these funds.

A group of BSC trustees will visit Montgomery on Thursday to thank our champions in the Legislature, answer questions from any legislators who are on the fence, and emphasize the urgent need to move SB31 along as quickly as possible. Our goal is to have this matter resolved by early March.

Here on the Hilltop, we will continue to operate normally as a college and as a community. Our students will go to class, and our athletic teams will practice and compete. Student organizations will continue to deliver programming that is fun and meaningful. Our Admission team will continue
to recruit students, and we believe that as soon as the bill passes, many of the applications we continue to receive will become deposits for fall 2024. Annual giving is significantly up year over year, and our alumni engagement is measurably higher, too.

We will continue to count on the larger BSC community – our alumni, parents, students, faculty, staff, and friends – to keep BSC top of mind for everyone who is in a position to ensure the College’s future.
Students, we appreciate your signing thank-yous on Tuesday for our legislative champions, and we will let you know if and when we need further action. Right now, we want you to concentrate on starting the spring term strong.

Everyone else, if you have not yet contacted your Alabama legislators, please do, especially your House member. If you need help knowing who that is and what to say, please email [email protected] and we’ll provide details and key messages.

I will keep you informed of our progress in Montgomery. Let’s stay focused, look out for one another, and do everything in our collective power to get this done.

Forward, Ever!

Daniel B. Coleman
16th President