Anda di halaman 1dari 2

Office of Sen.

Mike Johnston
Colorado General Assembly | 200 E. Colfax Avenue | Denver, CO 80203 | 303.866.4864


SB 13-176 Authorize State to Invest in Israeli General Obligation Debt Sens. Scheffel and Carroll Reps. Everett and Williams Staff Name: Michael Cox What the Bill Does: The bill authorizes the state treasurer to invest state money in Israeli Bonds and currency. Colorado Context: Currently, Colorado state law says the following about investing state money: Whenever there are moneys in the state treasury that are not immediately required to be disbursed, the state treasurer is authorized to invest the same in United States domestic fixed income securities. In making such investments, the state treasurer shall use prudence and care to preserve the principal and to secure the maximum rate of interest consistent with safety and liquidity. Additionally, the state treasurer has the discretion to invest state money in other states and in foreign countries to enable a state agency or institution, including institutions of higher education, to operate projects located in other states and foreign countries. National Context: In the United States, Israeli Bonds are issued by the Development Corporation for Israel (DCI), established in 1951. Worldwide sales have averaged $1.2 billion for the last 10 years. Bonds currently being offered by DCI have maturity dates that range from 2 to 10 years. Other states have authorized their state treasurers to invest state money in foreign assets, including Israeli bonds and currency. The State of Pennsylvania has approximately $50 million invested in Israeli Bonds, as well. Florida, Oregon, and New Jersey also allow their state treasurers to invest in foreign assets. Bill Provisions: The bill permits, but does not require, the state treasurer to invest state money in Israeli debt obligations Fiscal Impact: State General Fund revenue may increase under the bill. The bill adds Israeli Bonds 3/5/2013 21:19 a3/p3 For a complete list of fact sheets, visit

to the statutory list of investment options available to the treasurer. Current law requires the state treasurer to formulate investment policies regarding liquidly, maturity, and diversification appropriate to each fund or pool of funds in the state treasurer's custody that are available for investment. The extent to which the treasurer will invest in Israel bonds is unknown.

3/5/2013 21:19 a3/p3

For a complete list of fact sheets, visit