TIGUE UPDATE?

[Cajun Monkee]

Maybe some research is in order prior to calling local college administrators possible crooks.

I don' think VO is calling anybody a crook.

I think what he's saying (and I'm inclined to agree with him) is, it may be illegal for the University to authorize the start of a construction project WITHOUT funding set up.

Short story...if there is only $3 million available for a $17 million project (or even a $10 million dollar project) state law would probablly prohibit the University from issuing a Notice to Proceed.

And early on in this thread, Zoom Zoom said this would all come out in the auditor's report.

But it was suggested earlier in this thread the $5 million Russo contribution wasn't that big of an issue.

But, if there is only $3 million (although I thought Robe had cleared this up in another thread post), I'd say the Russo money is a big issue.

[Boomer]

I don' think VO is calling anybody a crook.

I think what he's saying (and I'm inclined to agree with him) is, it may be illegal for the University to authorize the start of a construction project WITHOUT funding set up.

Short story...if there is only $3 million available for a $17 million project (or even a $10 million dollar project) state law would probablly prohibit the University from issuing a Notice to Proceed.

And early on in this thread, Zoom Zoom said this would all come out in the auditor's report.

But it was suggested earlier in this thread the $5 million Russo contribution wasn't that big of an issue.

But, if there is only $3 million (although I thought Robe had cleared this up in another thread post), I'd say the Russo money is a big issue.

---Far from knowing the ins and outs of the loan situation---If one say was to borrow $15 million, any Ball Park (pun intended) idea of the time and the yearly payment???

[Cajun Monkee]

---Far from knowing the ins and outs of the loan situation---If one say was to borrow $15 million, any Ball Park (pun intended) idea of the time and the yearly payment???

Not a clue.

I'm sure there's some CPAs would could correct me on this, but if we were to borrow the money, I think the preferred avenue would be to bond the project out rather take out a loan (maybe MidSouth could hook us up?), and I'm pretty sure this would have to go throught the UL system as well as the state bond commission

The University borrowed the money for the IPF from the Lafayette Public Trust Finance Authority several years ago and I think the debt was paid back ahead of schedule. Maybe this is another avenue they might be looking at?

[CajunJack55]

[basinbear]

"What's in the package"?.....😆

[Boomer]

Not a clue.

I'm sure there's some CPAs would could correct me on this, but if we were to borrow the money, I think the preferred avenue would be to bond the project out rather take out a loan (maybe MidSouth could hook us up?), and I'm pretty sure this would have to go throught the UL system as well as the state bond commission

The University borrowed the money for the IPF from the Lafayette Public Trust Finance Authority several years ago and I think the debt was paid back ahead of schedule. Maybe this is another avenue they might be looking at?

---Yea just wondering how much of the student passed master plan could be used to pay it off along with some future donations---If we haven't used the state given % of the total budget for athletics, maybe that could be used!!!----Hey I heard that Sonny Mouton got the Cajun Dome built and there wasn't enough for the seats in the place---maybe see what our legislators can do!!! Get'er Done!!!

[anhil8tor]

I don't know about the TV stations, but we currently have some radio personalities and beat writers that have no allegiance to anyone in Martin Hall. If the story is there to be had, it will get reported.

103.7?

[STLMOCAJUN]

Expect some sort of announcement from the Cajuns this week on the Tigue renovations.

— Luke Johnson (@ByLukeJohnson) June 27, 2016

[VObserver]

I don' think VO is calling anybody a crook.

I think what he's saying (and I'm inclined to agree with him) is, it may be illegal for the University to authorize the start of a construction project WITHOUT funding set up.

Short story...if there is only $3 million available for a $17 million project (or even a $10 million dollar project) state law would probablly prohibit the University from issuing a Notice to Proceed.

And early on in this thread, Zoom Zoom said this would all come out in the auditor's report.

But it was suggested earlier in this thread the $5 million Russo contribution wasn't that big of an issue.

But, if there is only $3 million (although I thought Robe had cleared this up in another thread post), I'd say the Russo money is a big issue.

Exactly. It is very easy to be an inadvertent crook with the Public Bid Law. It is very detailed and convoluted, with different criteria for different levels or types of government bodies, and different criteria for different kinds of projects. I know that for local government public works projects, all financials must be in order before a bid is let. It may or may not be that way for universities.

[CrazyCajun]

Exactly. It is very easy to be an inadvertent crook with the Public Bid Law. It is very detailed and convoluted, with different criteria for different levels or types of government bodies, and different criteria for different kinds of projects. I know that for local government public works projects, all financials must be in order before a bid is let. It may or may not be that way for universities.

But wouldn't having private donations paying for it alter those requirements?

[Boomer]

Exactly. It is very easy to be an inadvertent crook with the Public Bid Law. It is very detailed and convoluted, with different criteria for different levels or types of government bodies, and different criteria for different kinds of projects. I know that for local government public works projects, all financials must be in order before a bid is let. It may or may not be that way for universities.

---the process can become quite tricky at times----I remember in my yearbook days and the bid openings. There was the total cost and that would determine who got the bid, but there were different charges for additions and deletions of pages and other parts of the book---I would guess that there was a total cost of the project with again the add ons or things not covered in the general cost---So a company could win the bid but the school could choose another company based upon the costs of additions and deletions!!! Helmut I bet could give us some facts on the process!!!

[STLMOCAJUN]

But wouldn't having private donations paying for it alter those requirements?

Well why don't we just ask our admin? I'm sure they will get back to you quickly and with a thorough and completely transparent answer

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