Saturday, December 08, 2007
ISRAELI SECURITIES APPROVED AS COUNTY INVESTMENT
The County Commissioners amended the county investment policy so that up to 1% of it’s $1.7BB portfolio can be invested in State of Israel securities, or a maximum of $17MM. Included can be bonds, notes or instruments backed by the full faith and credit of the State of Israel, if rated “A” or higher by Standard and Poor’s and Moody’s ratings services. They must also have a maturity of 2 years or less. The Development Corporation for Israel may act as an authorized broker/dealer for securities backed by the State of Israel only. Backed strongly by Commissioner Burt Aronson, whose Commission District 5 is heavily populated by Jewish families, he pointed out that “Israel has not defaulted on a bond in its 50-year history as a nation." The state of Florida holds at least $230MM in securities issued by the State of Israel and has been an investor for a long time. Governor Charlie Crist and Senator Ted Deutch signed legislation earlier this year called, “Protecting Florida’s Investments Act,” so as not to link public investments with “rogue” nations.
Posted by Marilyn Farber Jacobs at Saturday, December 08, 2007