State of Florida, Palm Beach County each purchase $25 million in Israel bonds

by | Oct 12, 2023


  • The State of Florida and Palm Beach County have separately announced plans to purchase $25 million in Israel bonds in response to Hamas attacks.
  • Florida’s investment in Israel bonds will increase to $80 million, marking the largest amount held by the state at any given time, and it has invested $190 million since 2017, generating approximately $6.4 million in interest.
  • Palm Beach County’s Clerk of the Circuit Court & Comptroller is directing an additional $25 million from the county’s investment portfolio to be invested in Israel bonds, becoming the first county in the nation to increase its investment in Israel bonds following the conflict.

The governments of both the State of Florida and Palm Beach County separately announced on Wednesday evening that they will individually purchase $25 million in Israel bonds following the Hamas attacks.

For the state, the forthcoming bond purchase raises Florida’s total investment in Israel bonds to $80 million, the largest total the state has ever held at any given time. Since 2017, the Florida Treasury has purchased $190 million in Israeli bonds, generating approximately $6.4 million in interest from the investments.

“Florida and Israel have deep economic and personal ties, and our state unequivocally stands with Israel following the heinous Iran-backed terrorist attacks this week. We made a commitment to support Israel both morally and monetarily, and that’s why I’m proud to announce that Florida will invest an additional $25 million in Israel bonds to further support our ally in the Middle East,” said Florida Chief Financial Officer Jimmy Patronis.

Meanwhile, Clerk of the Circuit Court & Comptroller Joseph Abruzzo directed an additional $25 million from Palm Beach County’s investment portfolio to be invested in Israel bonds in a show of solidarity with the nation. Bond funding from both entities is expected to reach the Israeli government by Friday, per Abruzzo.

“Israel is our greatest ally, and they need our full support in the aftermath of this horrific terrorist attack that slaughtered hundreds of innocent civilians – including 11 Americans thus far,” Abruzzo said. “I am proud to make Palm Beach County the first county in the nation to increase its investment in Israel bonds following their declaration of war against Hamas.”

As of the beginning of October, Palm Beach County allocated $40 million in total toward Israel bonds, as confirmed by the Office of the Clerk of the Circuit Court. Following the $25 million investment this week, the cumulative expenditure will climb to $65 million. According to county investment documents, the bonds yield a 1.20 percent return and comprise one percent of the county’s investment portfolio.

Israel Bonds, issued by the Development Corporation for Israel, serve as a form of debt securities offered by the State of Israel to raise capital for infrastructure and development projects. The bonds, with various maturities and interest rates, are accessible to investors worldwide with interest payments made to bondholders at regular intervals.

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