New York City Comptroller William C. Thompson, Jr. announced today on behalf of the Teachers’ Retirement System (TRS) the purchase of $5 million of State of Israel LIBOR floating rate bonds. The bonds, which were purchased from the Development Corporation for Israel, have a final maturity of 10 years. This is the second direct purchase of bonds from the State of Israel by TRS. The last purchase, also for $5 million, was made in January 2003.

“With the purchase of these bonds, not only are we making a wise investment for the pension system, but we are helping to fund important infrastructure projects in Israel,” said Thompson. “The purchase of these bonds clearly demonstrates our continued support of Israel.”

The interest rate on the bonds will be adjusted each quarter based on LIBOR, with interest paid on a semi-annual basis.

In addition to Thompson, trustees on the Teachers’ Retirement System board are: New York City Finance Commissioner Martha E. Stark (Chair); Deputy Chancellor Kathleen Grimm, New York City Department of Education; Phillip Berry, New York City Department of Education’s Panel for Educational Policy; and, Sandra March, Melvyn Aaronson and Mona Romain, of the United Federation of Teachers.