Murfreesboro's Community Investment Trust Committee

May 12, 2023 at 01:12 pm by WGNS


(MURFREESBORO) The Murfreesboro City Council workshop was held Wednesday (5/10/2023) at the Murfreesboro Municipal Airport. One of the items on the agenda was properly using the $245-million received from the sale of the City's electric distribution system. 

As you recall, $43 million was paid to the City of Murfreesboro by Middle Tennessee Electric at closing. After that, there will be annual installments of $17,290,134 paid over a 15-year period with interest totaling nearly $302.4 million.

The City Council, under the authority of an amended City Charter, created the Committee on Contributions within the Community Investment Trust structure. The Committee on Contributions will provide funding recommendations of charitable Strategic Partners to the Community Investment Trust Board of Trustees.

The Board of Trustees has authority under the City Charter for managing the proceeds

received from the sale of the City’s electric distribution system in the “best long-term interests

of citizens.” Expenditure of the funds remain a City Council decision.

The workshop also included: 

 

 

 

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