Palm Beach County just hit a new milestone in its record investment in Israel bonds.
Clerk Mike Caruso announced that the county made a new $350.5 million bond purchase — an acquisition that brings Palm Beach’s total investment in Israeli bonds to exactly $1 billion.
The purchase marks the “most significant investment in Israel bonds of any investor in the world,” a press note from Caruso’s Office said, and “provides the most significant returns of any investment option in the County’s portfolio.”
Caruso, a certified public accountant and former state lawmaker whom Gov. Ron DeSantis appointed Clerk in August, added that the purchase was strategically timed to maximize returns for taxpayers and is expected to generate $47.2 million in interest income over 3 years.
The purchase was finalized Tuesday. Caruso is scheduled to answer questions about it at a Wednesday press conference.
Caruso stressed that the decision was driven solely by financial considerations.
“Investment policy is not politics, but are purely a function of safety, liquidity and a market rate of return,” he said in a statement.
“Israel Bonds are paying a higher rate than other allowable investment alternatives, including U.S. Treasuries, and will provide a substantial return on investment for the people of Palm Beach County.”
The expanded investment follows a unanimous vote by Palm Beach County Commissioners on Oct. 21, 2025, to temporarily raise the cap on Israel Bond investments from 15% to 18% of the county’s overall investment portfolio.
In April 2024, Palm Beach County’s investment in Israel represented roughly a quarter of all bonds the Middle Eastern country had sold globally since the Oct. 7, 2023, attack by Hamas terrorists, according to the Jewish Telegraphic Agency.
Under Florida law, Israel Bonds are among a limited set of authorized fixed-income investments available to local governments.
Other permitted options include certificates of deposit, money market funds and direct obligations of the U.S. government and its agencies. Palm Beach uses earnings from its investment portfolio to help offset costs for taxpayers.
Caruso’s Office said certified investment professionals actively manage the portfolio under the County Investment Policy, which sets standards for risk management, liquidity and reporting.
