The county Board of Supervisors decided to invest more than $20 million in tobacco settlement money into a flexible endowment trust account at its meeting Tuesday.
States got more than $200 billion from tobacco companies in a settlement three years ago as reimbursement for Medicaid money spent on smoking-related illnesses. But many states and county governments are using part of the money for non-health care related purposes.
An endowment trust account would be the most flexible, Assistant County Executive Officer Robertta Burns said.
The money will go into a trust account with a trustee managing it. But the county will control where it is invested, Burns said.