(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:
- 2023-2024 City budget (first reading). The fiscal year begins June 1, 2023.
- Construction Contract for 2140 Thompson Lane Renovations (Administration)
- Development Agreement with Rutherford County and the Rutherford County Board of Education (Water Resources)
- 10-yr Plan Update and Proposed Fee Structure (Solid Waste)
- Broad Street Redevelopment Project (Administration)
- Development Impact Fee (Administration)
- CIP Reallocation (Finance)
- March 2023 Dashboard (Administration)
