Hillsborough County approving Israel investments draws strong support and opposition
TAMPA, Fla. - Hillsborough County commissioners passed an ordinance to allow the county to buy bonds from Israel.
The ordinance will change the county’s investment policy, authorizing an investment with surplus funds in rated or unrated notes, instruments or bonds backed by the full faith and credit of the government of Israel.
Dozens of people spoke during a heated public comment period at the Hillsborough County Commission meeting on Wednesday.
"Our mantra cannot and should not be one of boycott and divestment, but rather engagement and investment," Joe Probasco, the past President of Tampa Jewish Community Centers and Federation said.
As calls to divest from Israel come from groups across the country, supporters of this ordinance called on commissioners to invest in Israel.
However, residents who spoke out against the ordinance call it a bad move.
READ: Manatee County commissioners pledge support to Israel
"Other countries need to fix their own economic messes," one resident said. "The special support of one specific country by this board is problematic and troubling."
Supporters of the ordinance also argued that buying Israeli bonds is a decades-old practice, and that other counties and entities around the state and country have continued to invest recently.
"Israel is the only democratic country, and the United States’ most steadfast ally in the Middle East," Jeffrey Berger, the President of Tampa JCC & Federation said.
Residents who are against the ordinance said that a lot of federal money is already being invested in Israel, and that the county has a responsibility to its own residents.
"We have so many other pressing projects, that we should be funding those projects," one resident said. "This is something that we should be supporting our own community."
Commissioners passed the ordinance in a vote of 6-1.
"This is simply an investment policy, to improve, potentially, our portfolio," Commissioner Joshua Wostal said.
Commissioner Pat Kemp was the only commissioner who voted against the ordinance. She said she supports the board, but raised concerns about the overarching controversy that this particular measure has created.
"I do believe they’ve put forward a reasonable approach to this in light of the board’s direction, however, I’m concerned that this board has created a controversy about county bonds and finances where we shouldn’t have," Kemp said.
Commissioners clarified that the ordinance doesn’t mean the county will automatically start buying bonds from Israel.
The commission says there would still need to be discussions about if, when and how the county would invest.
Commissioners say they’ll work with an investment committee and consultant to make those decisions.
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