Budish Strengthens County Position in Israel Bonds

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Emily Lundgard, (216) 348-4395

CLEVELAND – County Executive Armond Budish announced that Cuyahoga County will expand its holdings in Israel bonds from $5 million to $8 million this year.

“The return to the County on Israel bonds has been outstanding,” said Budish. “Expanding our holdings in Israel bonds is one of the best ways to strengthen Cuyahoga County’s financial outlook for the long-term. I applaud our Fiscal Department for their work to invest an additional $3 million in Israel bonds to help ensure our fiscal solvency.”

Cuyahoga County first established a $5 million investment in Israel bonds in 2006. The Investment Advisory Committee approved the County’s purchase of additional $3 million of Israel bonds bringing their holdings close to the maximum investment level.

Israel bonds were first issued in 1951, and have enabled the development of all areas of Israel’s economy. In 2014, Fitch Ratings gave Israel an A rating, although Israel bonds themselves are not rated.

Development Corporation for Israel, commonly known as Israel Bonds, is a broker-dealer that underwrites securities issued by the State of Israel in the United States. In 2014, U.S. Israel bond investments have surpassed $1 billion. Proceeds from the sale of bonds have played a decisive role in Israel’s rapid evolution into a groundbreaking, globally emulated leader in high-tech, cleantech and biotech.