MURFREESBORO, TN - The Board of Trustees over the Murfreesboro Community Investment Trust are gearing up for an upcoming meeting scheduled for 4:00 p.m. on Wednesday, April 24, 2024. The session will take place at the Municipal Airport Business Center Community Room, located at 1930 Memorial Blvd.
Among the key agenda items slated for discussion are several resolutions addressing pivotal financial matters. These include a resolution pertaining to Investment Management and Banking Signatures, as well as a resolution focused on I.R.S. Matters. Additionally, the Board will conduct a comprehensive review of Investments and deliberate on the Proposed FY25 Budget.
Individuals interested in participating in the public meeting and addressing "actionable items" must sign up at least six hours prior to the commencement of the meeting. Requests can be submitted online via the official city website at Form Center • Public Comment Sign Up Form (murfreesborotn.gov) [or HERE] or by phone at 615-849-2629.
A significant aspect of the meeting will revolve around the City's financial strategies following the sale of its electric system operations and assets. The City Murfreesboro Electric to Middle Tennessee Electric Membership Corporation (MTEMC) and its electric distribution system for $245 million. The transaction involved an initial payment of $43 million, with annual installments totaling $17,290,134 over a 15-year period. With accrued interest, the total payment amounts to nearly $302.4 million.
To navigate these substantial financial proceeds responsibly, the Board has enlisted the expertise of Chicago-based Marquette National as the Board’s Outsourced Chief Investment Officer (OCIO). Marquette National will provide consulting advice on the optimal investment of the sale proceeds, including recommendations on asset allocation and an investment implementation schedule.
The Board of Trustees, as mandated by the City Charter, holds authority and responsibility for the prudent investment and disbursement of monetary balances. These funds are designated to supplement the City's needs and support charitable organizations that contribute to the welfare of the community.
