Break the Bonds Miami is a JVP-led grassroots campaign organizing to end Miami-Dade County’s investment in Israel Bonds.

By investing our taxpayer dollars in Israel Bonds, Miami-Dade County is providing financial support for genocide and occupation in Palestine. BTB Miami is organizing around one simple demand: No more Israel Bond purchases or renewals.

To get involved, fill out the JVP-South Florida interest form, or contact us at [email protected] and follow us on Instagram @JVPSouthFL.

Israel Bonds are loans from individuals and institutions to the Israeli treasury that help sustain the Israeli state economy. 

As such, Israel Bonds provide critical financial support for the Israeli military and government – including the Israeli military’s genocide in Gaza, as well as the forced displacement of Palestinian families from their homes, and the Israeli government’s separate-and-unequal system of apartheid.

We have a powerful role to play: Local institutions in our communities make up a significant percentage of Israel Bonds investments, which themselves constitute billions in funding for the Israeli military and government. We are uniquely positioned in our communities to demand our local and state governments, universities, pension funds, unions, places of worship and other local institutions stop supporting apartheid and genocide and use that money in a more responsible way. 

Israel Bonds also go against the County’s own investment policy. They are not liquid and have been downgraded in their rating.

Many community and financial institutions in the U.S. have the ability to invest in Israel Bonds, which are direct loans to the Israeli government and military. In addition to city, counties, and states: 

• Some retirement funds — especially index funds that include bonds — include Israel Bonds, meaning that our personal funds and any employer-matched funds may be invested. 
• Some religious institutions — such as churches, synagogues, mosques, as well as their associated retirement funds — can technically invest in Israel Bonds. Read here about the U.S. United Methodists and the Presbyterian Church (USA) in their Israel Bonds divestment victories. 
• University and college endowments often have the ability to accept Israel Bonds as gifts of monetary value.
• Foundations can be invested directly or indirectly in Israel Bonds, either through holding the bonds directly or by investing in big funds whose portfolios include Israel Bonds.

Israel Bonds are just one of the ways in which our community institutions may be enabling and profiting off of the Israeli military and government’s violence against Palestinians. We also need to focus on ending investments in companies both fueling and profiting off of occupation and genocide–from weapons manufacturers, to tech companies, to consumer brands with facilities on stolen Palestinian land. To learn more generally about divestment from Israeli apartheid, visit the American Friends Service Committee’s (AFSC’S) divestment guide and Investigate corporate research tool.

Other than Israel Bonds, there are no other foreign sovereign bonds (investments in a national government) in the County’s portfolio—how is the County able to make this exception for Israel?

The kinds of investments that the County is permitted to make are determined, foremost, by Florida state law. Florida statute 218.415(16) provides a list of authorized investments for municipalities throughout the state. Miami-Dade County maintains its own investment policy, which must stay within the bounds set by Florida statute. In 2007, state legislators added Israel Bonds to the statutory list of authorized investments, and in 2016 Miami-Dade County revised its own investment policy to include Israel Bonds. In June of 2016, the County made its first purchases of Israel Bonds, totalling $50 million.

No, Israel Bonds are increasingly seen as risky investments. These bonds have been downgraded by all major credit rating agencies, based on a negative outlook about Israel’s growth, public finances, and balance of payments. As of October 2024, the credit rating agency Moody’s has downgraded Israel’s credit rating twice within one year to Baa1, putting these bonds at risk of becoming effectively “junk.” Miami-Dade’s own investment policy also requires liquidity in bond investments, but Israel Bonds are not liquid. They can only be divested from after their maturity date.

With the genocide in Gaza entering a third year, and with the Israel Defense Forces’ escalated attacks in the region, credit agencies expect that Israel’s economy will stagnate even further.

Credit agencies predict a delayed economic recovery even after a ceasefire, which Israeli officials are adamantly against. With declining tourism and over 1 million Israelis having permanently left the country, Israel's economy cannot be considered a reliable site of investment. Miami-Dade residents deserve to have financially and ethically responsible investments.

Miami-Dade County Clerk and Comptroller Juan Fernandez-Barquin and Christopher Hill are responsible for overseeing the County’s financial operations, including decisions related to public investments.

As Comptroller, Fernandez-Barquin has the authority to direct the purchase of Israel Bonds using taxpayer funds or public employee retirement assets.

While specific details on these investments may not always be readily available, residents have the right to demand transparency and accountability regarding how public money is being used. There is currently no public forum for resident feedback on the county’s investment portfolio.

Yes. If the Miami-Dade Comptroller ceases new purchases of Israel Bonds, all current holdings will eventually mature and no longer be part of the investment portfolio. By refusing to purchase new bonds, the Miami-Dade Comptroller can cease the flow of money from Miami-Dade that supports the Israeli government’s ongoing genocide.

However, there is no way to divest from funds before they mature, meaning that Miami-Dade is funding Israel for years or decades at a time, despite the uncertainty of Israel’s future credit. The next maturity date is November 1st, 2025.

In light of the stark lack of transparency and public accountability around the use of Miami-Dade County funds, our campaign conducted a historic survey to talk to our neighbors and ask them their opinion on these investment decisions. Our report presents the results of a 2025 survey of 737 Miami-Dade County residents regarding the County’s $151 million investment in Israel Bonds.

The survey found that 63% of residents were not aware of the extent of Miami-Dade’s investments in Israel Bonds, and 95% of residents believe such investments are not a responsible use of taxpayer dollars.

These findings reveal a profound disconnect between County investment practices and the priorities of its residents. This report outlines survey results, community perspectives, and the urgent call for Miami-Dade County to halt all investments in Israel Bonds and redirect resources toward local priorities.

We recommend that the County take the following actions:

1. Cease all future purchases of Israel Bonds and commit to withdrawing current investments upon maturity, starting with the $25 million of the County’s holdings of Israel Bonds set to mature on November 1, 2025. 
2. Revise Miami-Dade County’s investment policies to end all investment in any bonds, notes, or instruments issued by any foreign government and create more transparency and accountability to local taxpayers.
3. Create a public input process for County investments comparable to opportunities for democratic participation in the budget process, holding at least one dedicated public meeting on County investments annually.
4. Reinvest in Miami-Dade communities, ensuring taxpayer dollars strengthen our local economy rather than finance a foreign government engaged in systematic human rights abuses. Reinvest in local priorities such as:

• Multifamily Housing bonds for affordable developments within Miami-Dade, to address the ongoing affordable housing crisis that has led to increases in unhoused populations and community displacement.
• CDFIs and Small Business Funds to support small business growth and job creation that meets the needs of Miami-Dade County residents.
• Infrastructure, parks, and public services to ensure equitable community development and increased quality of life for Miami-Dade County residents.