Photo: CBS 12
Palm Beach County is now the largest holder of Israel Bonds in the entire world.
Just this week, Clerk of Court and Comptroller Mike Caruso authorized the purchase of $350 million in bonds from our nation's Middle East ally and now he says the county holds a total of $1 billion worth.
Caruso's tasks include being the county's chief financial officer.
"My job as CFO is not politics, but purely a function of safety, liquidity and market rate of return."
County Mayor Sara Baxter says that stronger investment returns give commissioners more flexibility when setting the tax rate.
"It means we are able to lower taxes. It means we able to either allocate it towards a new project or reduce our millage, and that's what I would like to see."
The County is facing a lawsuit that challenges whether taxpayer dollars should be invested overseas. A previous suit was dismissed last year, while current County Administrator Joe Abruzzo served as Clerk and Comptroller.
Caruso says the Israel Bond portfolio is generating an estimated $136 million in interest over two to three years.