City Council Approves Community Investment Trust Board Appointments
Murfreesboro City Council on Thursday, Nov. 17, approved appointments to the Community Investment Trust Board of Directors. The trustees will manage the assets resulting from the sale of the city’s electric distribution system to Middle Tennessee Electric (MTE).
Qualified citizens were encouraged to apply in July for appointments to the Community Investment Trust board.
“We are pleased to have strong financial expertise to manage the Trust’s assets,” said Mayor Shane McFarland. “I am so grateful to these men and women who will serve on the Board of Directors overseeing the Trust, which is designed to provide decades of funding for the city’s critical infrastructure needs and increase the funding available to organizations. charities that serve the community through various important programs. programs.”
At the workshop meeting on Wednesday, November 9, 2022, Council reviewed nominations and selected seven qualified citizens to serve on the Board of Directors.
The trustees who will serve the initial staggered terms are:
Richard Stone Jr.: 4 years, President, Banking and Markets, CapStar Bank
Anne Davis: 3 years, President, Christy-Houston Foundation, Inc.
Stephen Flatt: 3 years, President and CEO, National Healthcare Corporation
Rick LaLance: 3 years, Senior Vice President, Pinnacle Bank
Shawn Applegate: 2 years, General Counsel, Venture Express, Inc.
Kevin Gentry: 2 years, Director, Investment Operations, Tennessee Department of Treasury
Lee Moss: 2 years, retired, Franklin Synergy Bank/First Bank
The Trust Agreement provides that the initial terms of the Trustee will be staggered, which will allow continuity of knowledge within the Board in the years to come. After the initial term, directors serve a five-year term.
Funds received from the sale of the electrical system will be placed in the Community Investment Trust and managed by a board of directors. Trustees have sufficient financial expertise to make important investment decisions. The Trust will distribute funds annually to the City and charities serving the citizens of the City.
The Trust has also established a Contributions Committee. Nominations for this committee continue to be accepted and appointments will take place at a future Board meeting. The Trust’s Contributions Committee will make recommendations to the Trustees on the allocation of funds for charitable contributions. Members of the Contributions Committee must be at least 35 years of age, resident in the City and have already participated in charitable and civic activities within the City.
The Trust is funded by the sale of the city’s electrical distribution system to Middle Tennessee Electric (MTE) for $240 million, which is being paid gradually over 15 years with interest. The Tennessee Valley Authority approved the sale as benefiting electricity consumers and providing 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 city ratepayers.
The syndics and the members of the committee are named by the mayor with the agreement of the municipal council.
For City News online, visit www.Murfreesborotn.gov.