Local officials invest Rams settlement money to help future plans

The historic settlement came from a lawsuit filed by St. Louis, St. Louis County and the St. Louis Regional Convention and Sports Complex Authority.

ST. LOUIS — Officials with the City of St. Louis and St. Louis County announced Thursday they are investing millions in Rams settlement money into treasury bonds until they decide on how to use it to serve its residents. 

The historic settlement came from a lawsuit filed by St. Louis, St. Louis County and the St. Louis Regional Convention and Sports Complex Authority or RSA.

According to a press release from the City of St. Louis, with the guidance from the St. Louis Treasurer’s Office, it will invest the $280 million won from the historic Rams settlement in a secure account with the Missouri Securities Investment Program (MOSIP), where the funds will continue to accrue interest and grow. 

The MOSIP account offers flexibility and interest. MOSIP and its various services provide school districts, municipalities, counties, and more an opportunity to maximize their income potential with secure investments while adhering to Missouri investment guidelines, according to the release from the city.

Mayor Tishaura Jones said St. Louis worked for years to hold the NFL accountable, and now our patience has paid off with hundreds of millions of dollars in the bank.

“Developing a community-driven plan to use Rams settlement funds will take time, but our investment will accrue interest and grow as we work together to do so,” Jones said. “I look forward to working with the Board of Aldermen to use these funds to make transformative change in our city for generations to come.” 

Unlike American Rescue Plan (ARPA) funds, which are bound by U.S. Treasury…

Read complete post here:
Source link