In historic move, Ohio purchases $42 million in Israel Bonds
The purchase by the U.S. state is the largest single government purchase of Israel Bonds in American history, according to the Cleveland Jewish News.
The state of Ohio has purchased $42 million in Israel Bonds, increasing the total amount of Israel Bonds in the state's treasury portfolio to more than $80 million.
The March 1 purchase is the largest single government purchase of Israel Bonds in United States history, according to the Cleveland Jewish News.
“We believe this is a sound investment for the taxpayers of Ohio and consistent with our strategy of investing in safe and strong securities,” Ohio State Treasurer Josh Mandel, who is Jewish, told the Cleveland Jewish News.
The Ohio Revised Code was amended in 1993 to allow the state to invest in foreign bonds, according to the newspaper. In 2010, the Ohio Legislature passed Senate Bill 181, which allows the state treasury to increase debt earnings in foreign nations from one-half of 1 percent to 1 percent of the state’s portfolio, the Cleveland Jewish News reported.
The previous highest single purchase of Israel Bonds in U.S. history was $25 million, made by several states, Thomas Lockshin, executive director for Israel Bonds in Ohio and Kentucky, told the Cleveland Jewish News.
In November, Mandel lost his bid to unseat incumbent U.S. Sen. Sherrod Brown, D-Avon.