TMWA kills lease study

With that the TMWA board rescinded its order to spend one-hundred-thousand dollars to study a 50-year lease to the financial group Goldman Sachs.

The deal would have meant millions of dollars up front to both Reno and Sparks as well as Washoe County.

And that didn't begin to count later payments to the owners of the water company. In these tough economic times the deal sounded great on its face. But the board wanted to know more, that's why they wanted further study.

But for TMWA customers and employees the idea just didn't hold water.

Fred Volke a Reno Resident testified at today's 15-minute meeting.

"Gambling with what is arguably our most important asset in this community is not something we can endorse."

Dave Aiazz a TMWA Board Member had reasons of his own to vote against the study.

" I want to thank the employees who talked to me and in all our discussions I didn't get one call in favor of this."

Aiazzi said he wasn't disappointed in the way this proposal was turned down. He says if anything it woke up local residents to just who owns the water system...they do.

Reno Mayor Bob Cashell said another compelling reason to stop the proposal. 18-years of work on alotting Truckee River which involved the likes of Nevada U.S. Senator Harry Reid would have been destroyed.