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The original item was published from 7/12/2022 4:58:11 PM to 8/2/2022 1:20:32 PM.

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Posted on: July 12, 2022

[ARCHIVED] City invites applicants for committees to guide management and distribution of MED proceeds

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Qualified citizens are encouraged to apply for appointments to the Community Investment Trust’s Board of Trustees and its Committee on Contributions. 

 

“We are seeking strong financial expertise to manage the Trust’s assets,” said Mayor Shane McFarland. “The Trust will provide decades of funding for the City’s critical infrastructure needs and increases the funding available to charitable organizations that serve community through various important programs.”

 

The Trust is funded from sale of the City’s electric distribution system to Middle Tennessee Electric Membership Corporation (MTE) for $240 million, which is paid incrementally over 15 years with interest. The Tennessee Valley Authority approved 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. The City Council created the community trust structure to manage this revenue stream and provide the maximum benefit to the City’s taxpayers. 

 

Funds received from the sale will be placed into a community trust and managed by a Board of Trustees. Trustees must have that financial expertise sufficient to make substantial investment decisions. The Trust will distribute funds annually to the City and to charitable organizations serving citizens within the City. The Trust’s Committee on Contributions will make recommendations to the Trustees on the distribution of funds for the charitable contributions. Trustees and Committee members are appointed by the Mayor with the consent of the City Council. 

 

Trustees must have the education, experience, and knowledge suitable for managing and directing the management of not less than $40 million in liquid assets. Applicants are encouraged to review the draft Trust Agreement and gain full understanding of the qualifications and responsibility of a Trustee, which include retaining and overseeing financial advisors and other professionals to assist with the investment of funds.  

 

Members of the Committee on Contributions must be at least 35 years old, a resident of the City, and have previous participation with charitable and civic activities within the City. 

 

Applications for appointment to the Community Investment Trust Board of Trustees and Committee on Contributions are available on the City website at https://www.murfreesborotn.gov/2406/26184/Community-Investment-Trust-Applications.

Applications should be e-mailed to administration@murfreesborotn.gov.

 


 

For City News online, visit www.Murfreesborotn.gov.      

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