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Public speakers urge Cuyahoga County not to reinvest maturing Israel bonds
Summary
Three public commenters at a Cuyahoga County Investment Advisory Committee meeting urged the treasurer and advisers not to reinvest a $2 million Israel bond maturing Dec. 1, citing human-rights concerns and financial risks, and asked the committee to request an assessment from its investment adviser, METER.
Three members of the public urged the Cuyahoga County Investment Advisory Committee on the record not to reinvest a $2 million Israel bond that will mature Dec. 1.
At a meeting of the committee, Shereen Nasser said the county’s sustainability policy includes social and human-rights criteria and that reinvesting in Israel bonds would violate that policy’s intent and language. “To invest in Israel bonds now is to knowingly invest in a state under investigation for genocide and apartheid. That is incompatible with our sustainability policy and with basic human decency,” Nasser said.
Darcy Orzan, who identified herself as a Jewish resident of Cuyahoga County from Shaker Heights, said she opposed renewing the foreign bond for both humanitarian and financial reasons. “These bonds are the worst rated in our portfolio,” Orzan said, noting downgrades and saying the county should prioritize local needs such as home repairs, property-tax relief and small-business support.
Richard Miller addressed the financial risks of the Israeli bonds. “The county currently holds, I think, $13,000,000 worth of bonds, purchased primarily in 2024,” he said, and added that all three major rating agencies — S&P, Fitch and Moody’s — downgraded Israeli debt and issued negative outlooks. He said the bonds lack a secondary market and that the county would be forced to hold degraded paper until maturity, increasing risk without additional compensation.
Commenters asked the committee to formally request METER’s assessment of the Israel bonds and to consider reinvesting funds locally through linked deposits, municipal bonds or programs supporting home repairs and small businesses.
The committee did not make a formal decision on reinvestment during the meeting. No motion to sell, divest or direct staff on the Israel bonds was recorded in the transcript.
Ending: The public-comment appeals and financial concerns were entered into the meeting record; committee staff and advisers did not record a formal vote or directive on the Israel bonds during the session.
