The University of Iowa must comply with a subpoena from State Auditor Rob Sand seeking details on a 50-year deal to lease the university’s utility system to a public-private partnership, the Iowa Supreme Court unanimously determined on April 30.
The Iowa Board of Regents approved the arrangement in December 2019 and closed on the deal in March 2020. But the university withheld many details, including the identity of “Iowa-based investors” who supposedly put up about 21.5 percent of the $1.165 billion lump-sum payment to operate the system for the next five decades.
The State Auditor’s office has been trying to enforce Sand’s subpoena since January 2020. The university and Board of Regents insisted they did not have to provide “confidential” information and disputed the validity of the subpoena.
None of the Supreme Court justices found the university’s stance convincing.Continue Reading...