This is an opinion column

I am deeply disappointed by the failure of State Treasurer Young Boozer III to execute the Distressed Institutions of Higher Learning Revolving Loan Fund Act, which I co-sponsored with my colleague Sen. Rodger Smitherman. The Act passed unanimously by the Alabama Senate, passed by a bipartisan supermajority in the House, and was signed by Gov. Kay Ivey on June 16.

As a co-sponsor of the Act, I can say unequivocally that this enabling legislation was conceived, written, and designed to make it possible for Birmingham-Southern College to obtain a bridge loan that will allow it to operate while the College rebuilds its endowment.

For a year now, BSC has been in discussions with Treasurer Boozer and, since June, the College has provided the treasurer with information that amply demonstrates the fact that it qualifies for a loan under the terms of the Act.

BSC is responsible for the payment of more than $13 million in taxes each year and has an economic impact on the State of Alabama of $97.2 million. It has offered collateral for the loan that exceeds several times over the amount of the proposed loan, including its 192-acre campus in west Birmingham and U.S. Treasury securities—regarded worldwide as the soundest possible collateral that can be offered.

The College also provided a thoughtful, detailed plan under which it can achieve financial stability and repay the loan in full in a timely manner.

In short, Birmingham-Southern has met each and every requirement set forth in the law.

When one considers the economics of the situation, there is simply no way the State can fail to benefit from the approval of this loan. I call upon Treasurer Boozer to approve it without further delay so that BSC can continue its storied 167-year history of improving our state’s economy and preparing Alabamians for lives of meaning and purpose.

Without the loan, it is a near certainty that BSC would not survive for the long term. Such a tragedy would come with a very real human, as well as economic, cost. Students’ academic careers would be disrupted in the middle of the academic year. The livelihood of nearly 1,500 Alabamians would be impacted. A billion dollars in economic impact would be lost over the next decade. And two vital and historic neighborhoods in our state’s largest market would be decimated.

The intent of the Legislature, as expressed in the Act, was to save BSC from closure. There is absolutely no compelling reason, either from a financial or policy standpoint, why a loan should not be extended. I hope and trust the situation can be resolved in a manner that protects this immensely valuable educational and economic asset.

Alabama State Sen. Jabo Waggoner is a Republican representing Hoover, Vestavia Hills and Indian Springs Village