The Murfreesboro City Council Thursday November 17 approved appointments to the Board of Trustees of the Community Investment Trust. The Trustees will manage assets 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’s Board of Trustees.
“We are pleased to have strong financial expertise to manage the Trust’s assets,” said Mayor Shane McFarland. “I am very appreciative of these men and women who will serve on the Board of Trustees to oversee the Trust which is designed to 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.”
During the Workshop meeting, Wednesday, Nov. 9, 2022, Council considered applications and selected seven qualified citizens to serve on the Board of Trustees.
The Trustees who will serve the initial staggered terms are:
Richard Stone Jr.: 4 years, President, Banking and Market, CapStar Bank
Anne Davis: 3 years, President, Christy-Houston Foundation, Inc.
Stephen Flatt: 3 years, Chief Executive Officer, National Healthcare Corporation
Rick LaLance: 3 years, Senior Vice President, Pinnacle Bank
Shawn Applegate: 2 years, Chief Legal Officer, Venture Express, Inc.
Kevin Gentry: 2 years, Director, Investment Operations, Tenn. Dept. of Treasury
Lee Moss: 2 years, Retired, Franklin Synergy Bank/First Bank
The Trust Agreement provides that the initial terms for Trustee will be staggered, allowing for continuity of knowledge on the Board in future years. After the initial term, Trustees serve five- year terms.
Funds received from the sale of the electric system will be placed into the Community Investment Trust and managed by a Board of Trustees. Trustees have 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 also established a Committee on Contributions. Applications for this Committee continue to be accepted and appointments will occur in an upcoming Council meeting. The Trust’s Committee on Contributions will make recommendations to the Trustees on the distribution of funds for the charitable contributions. 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.
The Trust is funded from sale of the City’s electric distribution system to Middle Tennessee Electric (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.
Trustees and Committee members are appointed by the Mayor with the consent of the City Council.
For City News online, visit www.Murfreesborotn.gov.