KCBD is following new developments in negotiations between Texas Tech University and Lubbock Power & Light.
The university and utility are considering a new advertising agreement, but now there is talk that LP&L could owe Texas Tech money.
This comes in response to questions raised in the Sandstorm Scholar blog.
The article quoted the Electric Utility Board's new secretary saying that LP&L could be overcharging the university.
Board of Regents member John Steinmetz issued this statement:
"Unfortunately it is too early for me to comment at this time as we are still in the process of gathering the facts regarding this matter.
"I can however assure you as regents we have a fiduciary responsibility to the tax payers, students and the institution to ensure that Texas Tech is represented properly.
"That being said, if for some reason we do find that Texas Tech is being overcharged by LP&L I will assure you we will do everything in our power to ensure those monies are returned to the constituents we serve."
The Lubbock City Council is expected to vote on the advertising agreement at their meeting on Thursday.
The agreement comes with a price tag of $125,000 a year that will increase 5 percent each year for six years, making the grand total $800,000.
The Electric Utility Board passed the agreement last Tuesday. It still had to go through city council and the university's Board of Regents before it can take effect.
Council member Jim Gerlt told KCBD last week that he is not convinced this is the best decision.
Stay with KCBD online and on the air as we follow the developments from tonight's meeting.
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