IOWA CITY, Iowa (AP) — The Iowa Supreme Court says the University of Iowa must comply with a subpoena from the state auditor that seeks the names of investors in a multibillion-dollar utilities privatization agreement it completed last year.
Justices ruled Friday that State Auditor Rob Sand acted appropriately when he subpoenaed details about the 50-year plan granting the right to operate campus utilities to a consortium of French companies in exchange for a $1.165 billion payment. Given that it was one of the largest transactions in Iowa history, they say it was appropriate for Sand to seek to audit the deal even before it closed to ensure the school followed bidding processes and had no conflicts of interest with investors.