Summit County has decided not to reinvest in $1 million in Israel Bonds that have matured, according to the fiscal office.
The decision comes after months of protests calling on the county to cease investment in foreign bonds altogether, in response to the Israel-Hamas War. Some view the purchase of Israel Bonds as support for how the Israeli government treats Palestinians. A Summit County Councilmember had expressed support for ending any further investing in Israel Bonds in summer 2024, but officials from the Summit County Fiscal Office said that would violate Ohio Revised Code.
Attorney General Dave Yost had weighed in earlier in the summer on Cuyahoga County's debate over Israel Bonds, stating that directly and indirectly boycotting Israel Bonds was prohibited. Cuyahoga County Council withdrew its resolution to cease investment in Israel Bonds after that.
Last week, Cuyahoga County announced it's freezing Israel Bond renewals amid financial uncertainty. Treasurer Brad Cromes announced the move, citing the county's inability to loan money it cannot recoup for several years. The county would pause investments in any new long-term bonds until it has saved $100 million, Cromes said, hopefully by September.
In a message on Instagram, Akron Palestine Solidarity Collective, a coalition of organizations advocating for an end to investments in foreign bonds, said "We hope this is a permanent step away from Israel Bonds and serves as a powerful example to the rest of Ohio and to the country."
Yost's office did not respond to a request for comment whether Summit County's move to not reinvest is in violation of state law.
This is not the only investment Summit County had in Israel Bonds. Another $2 million investment in Israel Bonds will mature on Aug. 1, and the fiscal office has not said if it plans to invest again, according to Akron Palestine Solidarity Collective.
"We are still going to pressure and be vigilant about ensuring that the county officials stay good to their word," Matthew Charlebois with Akron Palestine Solidarity Collective said.
The Ohio Treasury alone owns $262.5 million in Israel Bonds, making it one of the largest government investors in the U.S., according to the Ohio Treasurer's Office.
Both Moody's Ratings and S&P Global Ratings downgraded Israel Bonds after the war started. Moody's specifically cited the war as the reason, while S&P cited the risk of military escalation with Iran.
