WRTV's Norm Cox has an interesting item he posted on the Capitol Watch Blog today:
Undoubtedly, officials at the supposed cash-strapped CIB heard about the alternative plan afoot that might interfere with their proposed bailout so they they rushed forward to pay a loan from the state that was not even due yet. There should be little doubt now about the political game the CIB is playing. This transparent political stunt gives further credence to Councilor Ed Coleman's call for Bob Grand, President of the CIB, to resign.
"One idea that’s been floated in the last twenty-four hours is already dead. Rep. Ed DeLaney, (D) Indianapolis, and several of his colleagues proposed a stop-gap measure yesterday that called for, among other things, the state treasurer to delay collection on a $17 million bill the C.I.B. owes for issuing fees on the stadium bonds. Somebody should have called DeLaney before the news conference. The C.I.B. already paid that fee yesterday morning, a few hours before DeLaney spoke."
Okay, so the CIB rushed to repay a $17 million loan from the state that it was not obligated to repay until June. Did the CIB even consider asking the state to defer its payment reobligation? That is precisely what it did with $36 million in debt owed to the Circle Centre mall investors. The consequence of paying off the loan means the reserves of the CIB fall below a level required as security for bondholders. In effect, the CIB's actions are a deliberate attempt to further exacerbate its financial woes in the closing days of the legislative session to force through the $48 million tax and spend plan it wants. Remember, this is the same CIB which knowingly went forward with a lease agreement with the Colts to manage and operate the state-owned and constructed Lucas Oil Stadium knowing that it didn't have the money to pay those expenses. Simply put, you can't trust the CIB. These people will do anything to get what they want. It's time to hold these people accountable for their gross misconduct.