Murfreesboro Board of Trustees of Community Investment Trust meeting May 3
MURFREESBORO, Tenn. — The Board of Trustees for the Murfreesboro Community Investment Trust will meet at 3 p.m., Wednesday, May 3, 2023, at the Municipal Airport Business Center. The Board of Trustees has authority under the City Charter to manage the proceeds received from the sale of the City’s electric distribution system in the “best long-term interests of citizens.” The Trust allows the Board to invest proceeds from the sale of the Murfreesboro Electric Department (MED).
A total of 7-Board of Trustees work to oversee the Trust that is designed to provide financial assistance to charitable organizations that serve the community through various programs. That trust is expected to last for decades and decades while also helping to offset the cost of critical infrastructure needs that the growing community of Murfreesboro faces. Trustees have financial expertise sufficient to make substantial investment decisions.
The funds within the trust are from the sale of the City’s electric distribution system to Middle Tennessee Electric (MTE) for $245 million, which is paid incrementally over 15 years with interest. According to the original plan, MTE makes annual installments of just over $17.2-million, which add up to nearly $302.4-million over a 15-year period with interest. The first initial payment totaled $43-million.
Prior to Middle Tennessee Electric purchasing Murfreesboro Electric, the Tennessee Valley Authority had to approve the sale as beneficial to electric ratepayers and providing the assurance that electric service will keep pace with the City’s growth with the highest level of service. Shortly after the sale was approved, the City Council created the community trust structure to manage this revenue stream and provide the maximum benefit to the City’s taxpayers.
The Trust will distribute funds annually to the City and to charitable organizations serving citizens within the City.
- Date of Meeting: Wednesday, May 3, 2023 at 3:00 p.m.
- Location of Meeting: Murfreesboro Airport Business Center – Community Room
- Address of Meeting: 1930 Memorial Blvd. Murfreesboro, TN 37129
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