With virtually no public discussion and no opportunity for independent analysis of the complicated financials, the Iowa Board of Regents on December 10 approved a plan to lease the University of Iowa’s utilities for 50 years in exchange for an up-front payment of $1.165 billion.

Governor Kim Reynolds hailed the “historic day for higher education in Iowa.” In an official news release, Regents President Michael Richards praised what he called an “open, inclusive process leading to this agreement.”

Orwellian spin won’t fool anyone. A government board charged with managing public institutions should not have committed the university to such a far-reaching and costly deal without a full airing of the risks and benefits.