University Place and All The Governor's
Deep Throat II
Chapter 10 - ISBA Throws Monkey Wrench at UIF
though the perps had just discovered they would receive ZERO reimbursement
for their $21 million in interim financing for pre-development costs to
Cryptic Partners, they ran out and illegally borrowed another $6 million in
unsecured funds to drive the UIF's indebtedness up to $28 million."
-- Deep Throat II
Chapter 8 – Governor’s Legislative Dog & Pony Show, we asked the
question: did the perps get the cover-up money to repay the U of I
Foundation’s $21 million in pre-development costs?
The answer is: yes and
no. Even before the Idaho State Legislature voted yes, 88 to 15, for the
Idaho State Building Authority (ISBA) to issue the bonds, Boise’s Watergate
fiasco started to unravel. Wayne Meuleman, Director of the ISBA, began
throwing monkey wrenches into the University Place project by asking
important questions such as, what constitutes “reasonable” pre-development
costs? Who owns the University Place property so it can qualify for
tax-exempt bond money? Who’s managing the project?
Over the course of a
year, in 2002, the stated amount of pre-development reimbursement to the U
of I Foundation varied from a high of $30 million to $0. How could
everybody be so far off? The Governor? All the Governor’s Men? The ISBA?
The Idaho State Legislature? The UIF? The U of I? The State Board of
Education (SBOE)? Who was in charge? Who was the project manager? Who
controlled the budget, the actuals, and the expected-at-completion
expenditures? Why didn’t the Governor and state legislators know before
they passed the ISBA bond issue that the $21 million in pre-development
costs for the UIF couldn’t be reimbursed?
In retrospect, nobody
had an excuse. The perps knew they were in deep financial trouble three
months before the bond issue was passed in March 2002 when Wayne Meuleman,
on Jan 11, 2002, told them ISBA bonds could only reimburse “reasonable
costs.” But the perps continued their scam because, as stated before,
there’s gold in them thar hills. They had nothing to lose and everything to
gain. As we shall soon see, even when the UIF was finally informed that
their reimbursement would be $0, the perps illegally borrowed another $6
million in unsecured loans to drive the UIF indebtedness up to $28 million.
This was, however, only the penultimate height of audacity as the perps
implemented Lord Acton’s famous dictum: “Power tends to corrupt and
absolute power corrupts absolutely.” Later, we will see how they topped
this with an unbelievable “Reconciliation Agreement” worth $18 million.
Hercule Poirot invites
you, mes amies, to read, and gasp at, the following comedy of statements
that contains so many contradictions one can only ask, “Will the real UIF
reimbursement please stand up?”
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