Ohio buys $42 million in Israel bonds

(JTA) — Ohio has bought $42 million in Israel Bonds, reportedly the largest single government purchase of Israel Bonds in US history.

The Mach 1 purchase increases the total amount of Israel Bonds in the state’s treasury portfolio to more than $80 million; the Cleveland Jewish News reported it as the largest such buy in US history.

“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 newspaper.

The Ohio Revised Code was amended in 1993 to allow the state to invest in foreign bonds. In 2010, the Ohio State Senate passed a bill allowing the state treasury to increase debt earnings in foreign nations from 1/2 a percent to 1 percent of the state’s portfolio, according to the newspaper.

The previous highest single purchase of Israel Bonds in US history was $25 million, made by several states, Thomas Lockshin, executive director for Israel Bonds in Ohio and Kentucky, told the Cleveland Jewish News.