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Athens County’s treasurer clarifies the reasons to not again invest in Israeli bonds after a successful maturation were not political

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ATHENS, Ohio (WOUB) — The Athens County treasurer has notified commissioners that his decision to take money the county had invested in Israeli bonds and reinvest it domestically was made for financial and not political reasons.

The street view outside the Athens County Treasurer's office
[David Forster | WOUB]
Treasurer Taylor Sappington wrote in an email last week to the county commissioners that he wanted to give them a heads up on the reinvestment decision before they saw it in the quarterly update on investments.

Sappington wrote that on Oct. 1, $300,000 in county tax dollars matured from an Israel Foreign Government Bond. He said this and some domestic investment funds would be reinvested “as close to home as possible.”

Sappington wrote that the decision was backed by recommendations from an investment management firm that sees the bonds as risky for public entities right now because of downgrades and a negative financial outlook.

Sappington acknowledged that any discussion about this decision “has the potential to be highly political and partisan.”

“It is important that I communicate to you directly that the decision was made without political considerations and focused solely on the yield offered to the taxpayer dollars we manage,” Sappington wrote.

Sappington wrote that he had heard from people on “both sides of the issue” and had listened to their positions on the investments.

“But in the end, statute requires that politics have nothing to do with investment decisions as long as I am Treasurer and I intend to keep to that,” he wrote.

Groups critical of the Israeli government’s handling of the war against Hamas have pressured local governments to divest their financial interests in the country.

Earlier this year, Cuyahoga County announced it was freezing Israel bond renewals and Summit County said it would not reinvest in the bonds. Both counties also cited financial concerns.