Murfreesboro City Council Approves Sale of Electric Department

The Murfreesboro City Council on Thursday approved the sale of its electric department to the nonprofit Middle Tennessee Electric Membership Corporation (MTEMC) in a 6-1 vote, the Daily News Journal reports. With the deal, the city will receive $245 million, with MTEMC paying $43 million up front, and $17.3 million over the course of 15 years, including 3.3% interest. The move, which excludes the Murfreesboro Electric Department building and property, is expected to save the city $93 million in necessary upgrades to the utility’s infrastructure. The sale now goes to the Tennessee Valley Authority for final approval. 

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