BSC Statement on Signing of SB278

For Immediate Release
Jun. 21, 2023

BIRMINGHAM -- Birmingham-Southern College received news today that SB278 – which creates the Distressed Institutions of Higher Learning Revolving Loan Program – was signed into law by Gov. Kay Ivey this morning.

The legislation will help Alabama colleges and universities, both public and private, overcome financial challenges so they can continue to serve the state of Alabama and its citizens.

“We are grateful for Gov. Ivey’s thoughtful action on this important legislation,” said President Daniel B. Coleman. “We understand that she had concerns, and are glad those were addressed through her amendments.

“This program is an important part of the College’s financial package, and we look forward to continuing to work with the State Treasurer and others to ensure that it has maximum impact for BSC while protecting Alabama taxpayers.”
The next step for BSC is to work with the state treasurer on an agreement that, along with additional funding from local government entities, will provide operating support while the College raises private funding that will make the College financially resilient for the long term.

“The record amount of resources in the Education Trust Fund this year was a key factor in making this kind of investment possible for public and private colleges that qualify,” Coleman said. “The economic impact study we released in February, which documented a $97.2 million annual impact on Alabama, helped policymakers see BSC’s value to Alabama. And we know that our alumni and students demonstrate value every day in the communities in which they live, work, and serve.

“We are deeply grateful to Sen. Jabo Waggoner ’60, Sen. Rodger Smitherman, and Rep. Juandalynn Givan for their tireless efforts on BSC’s behalf. We also send our heartfelt thanks to everyone who became our advocate and helped bring us to this important moment.”