MOHELLA Sold By Phone In Matter of Minutes

1 decade 2 years 6 months ago Wednesday, April 05 2006 Apr 5, 2006 Wednesday, April 05, 2006 1:06:41 PM CDT April 05, 2006 in News
Raymond Bayer is interim executive director of the nonprofit Missouri Higher Education Loan Authority, widely known as MOHELA. The agency's board voted Jan. 31 to sell about half its assets to raise $450 million. Gov. Blunt wants to use for the money for construction and endowments at state universities. Board members approved the sale in a matter of minutes, without any discussion. Bayer says that's because they already knew the plan's details after calling him with questions about the sale. Bayer says he's confident the phone conversations were proper under a Missouri law requiring public bodies to hold open meetings, including those conducted by phone. A Missouri court ruled in 1986 that violations occur only if meetings are kept secret with the goal of sidestepping the Sunshine Law.

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