MURFREESBORO, Tenn. — The Board of Trustees for the Murfreesboro Community Investment Trust will meet Tuesday at the Municipal Airport Business Center. This will be the first meeting conducted on the management of proceeds derived by the sale of the Murfreesboro Electric Department.
Middle Tennessee Electric purchased Murfreesboro Electric in June of 2020 for $245 million. At closing, Middle Tennessee Electric made a down-payment of $43 million and agreed to annual installments of just over $17.2-million to be paid over a 15-year period. Once interest is factored into the equation, the sale totals nearly $302.4 million.
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 in the future will remain solely a Murfreesboro City Council decision.
The meeting will be on Tuesday (January 24, 2023) in the Community Room of the Murfreesboro Airport Business Center.
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