Florida CFO Patronis receives leadership award from Israel Bonds

Florida Chief Financial Officer Jimmy Patronis has been given the Israel Bonds Leadership Award for the state's financial support of the Jewish community and the State of Israel.

Ohio Treasurer Robert Sprague presented the award to Patronis during Israel Bonds Prime Minister's Circle Gala in Boca Raton on Dec. 18.

At the ceremony, Patronis announced the State Board of Administration plans to make a sizable new purchase of Israel bonds following their recent $25 million investment.

Serraf Studio Photography

Patronis portrayed the large-scale purchase of single-A rated Israel bonds as serving a valuable social purpose following deadly attacks on the country.

"Following the horrific terrorist attacks by Hamas on Oct. 7, the state of Florida vowed to assist our allies in Israel both morally and monetarily," Patronis said. "Israel bonds are a prudent investment vehicle and offer consistently positive returns on state funds."

Israel is rated A1 by Moody's Investors Service, on review for downgrade, A-plus by Fitch Ratings, on rating watch negative, and AA-minus by S&P Global Ratings with a negative outlook.

"Florida proudly stands with Israel, the only democratic nation in the Middle East, and my heart goes out to the people of Israel as they continue their fight against the evil terrorists of Hamas. I continue to encourage other state treasurers across the nation to support Israel by purchasing Israel bonds today," Patronis said.

Florida law prohibits the state's elected chief financial officer from considering anything but "pecuniary factors" when making investment decisions, according to an analysis law firm Akin published after Gov. Ron DeSantis signed House Bill 3 into law in May. 

"On behalf of Israel Bonds, it was an honor to recognize and present CFO Patronis with the prestigious Israel Bonds Leadership Award," said Mark Ruben, Executive Director of Israel Bonds. "The CFO works tirelessly to provide support to Israel and invest state dollars in Israel bonds."

At the event, Palm Beach Circuit Court County Clerk & Comptroller Joseph Abruzzo also announced the county would be making an additional sizeable purchase of Israel bonds for his region.

"This is Israel bonds' highest surge of investment ever, which demonstrates the strong support for Israel of the Jewish communities and Israel's supporters in the United States and around the world," said Dani Naveh, President and CEO of Israel Bonds

Since the war broke out on Oct. 7, more than 16 state and municipal governments and institutions have invested in Israel bonds.

Investments have come from Florida, New York, Alabama, Arizona, Ohio, Illinois, Texas, Oklahoma, Georgia, Nevada, Louisiana, South Carolina, Pennsylvania and Indiana as well as Broward, Palm Beach and Miami-Dade counties, the cities of Miami Beach and Boca Raton, Franklin County, and the firms KeyBank and Cross River.

Earlier this month, Sprague and Abruzzo along with Illinois Treasurer Michael Frerichs, Pennsylvania Treasurer Stacy Garrity and Oklahoma Treasurer Todd Russ joined Israel Bonds' new Government, Industry and Financial Services leadership group.

"I could not be more proud of the enormous participation from states, counties and retail for all of their support of Israel through Israel bonds at this time," said Israel Bonds Vice President of National Sales Stuart Garawitz.

Development Corporation for Israel, known as Israel Bonds, and its affiliates around the world have generated over $50 billion in investments since it was founded 72 years ago.