From Drop Site News · · 3m
Palm Beach County Israel Bonds Drop to 22.5% of Portfolio
Palm Beach County’s Israel bonds fell to 22.5% of its portfolio after $67.5m matured, still above the 15% cap.
In brief
Palm Beach County’s Israel bonds fell to 22.5% of its portfolio after $67.5m matured, still above the 15% cap. Palm Beach County’s Israel bonds dropped to 22.5% of its portfolio after $67.5m matured, still above the 15% cap. Originally reported by Drop Site News.
Palm Beach County’s Israel Bonds Holdings
Palm Beach County, Florida, the world’s largest government investor in Israeli government bonds, held nearly a quarter of its investment portfolio in Israeli bonds before $67.
County Holds 24.2% Before Repayment
Interim Clerk and Comptroller Shannon Ramsey-Chessman confirmed Israeli government bonds represented 24.2% of the county’s investment portfolio immediately before November 1, falling to 22.5% after the $67.5 million maturity.
Residents Protest Investments
Residents have faced arrests and removal from public meetings while attempting to challenge the county’s financial support for Israel.
Noura Erakat Arrested at Hearing
At a September 15 budget hearing, Palestinian American legal scholar and human rights attorney Noura Erakat was arrested and charged with misdemeanor trespassing after refusing orders to leave the chamber.
County Limits Public Comment
County officials had limited public comment to one minute per speaker and ruled discussion of Israel bonds outside the scope of the budget hearing.
Lydia Ghuman Criticizes Policy
Lydia Ghuman, executive director of the Internationalist Law Center, accused county officials of using vague public-comment rules to suppress opposition to the investments.
Investment Policy Review
Interim Clerk and Comptroller Shannon Ramsey-Chessman confirmed in a statement that Israeli government bonds represented 24.2% of the county’s investment portfolio immediately before November 1, falling to 22.5% after the $67.5 million maturity.
County’s Investment Cap
The county did not reinvest the proceeds because its existing holdings were already above the permitted ceiling, according to its interim comptroller.
National Divestment Movement
More than 76% of voters in Providence, Rhode Island approved a ballot measure requiring the city to divest from countries and companies profiting from genocide, apartheid, ethnic cleansing, and prolonged military occupation.
Other Cities Take Action
In Massachusetts, Cambridge’s city council voted to divest $24 million in municipal funds from companies associated with apartheid and genocide, while Easthampton’s council adopted a divestment resolution.
Investment Policy Concerns
The county’s holdings, which reached approximately $1 billion in January, fell to roughly $932.5 million following the repayment, assuming no other changes in principal.
Seasonal Investment Fluctuations
The county receives most of its property tax revenue in late November and December, leaving its investment portfolio at its lowest point of the year before those payments arrive.
Investment Policy Violations
An investigation revealed Palm Beach County exceeded its own investment limits when purchasing Israel bonds on three occasions since January 2024.
Investment Policy Committee Vote
Last month, Palm Beach residents and organizers said they had persuaded two members of the county’s Investment Policy Committee to vote against a proposal to increase the allotment to 20%.
Future Repayments
The county is scheduled to receive repayments on four additional occasions: January 2027, February 2027, March 2027, and August 2028.
What it means
Palm Beach County’s Israel bonds dropped to 22.5% of its portfolio after $67.5m matured, still above the 15% cap.
