Lucas County Investment Advisory Committee First Quarter Meeting - May 22, 2026
Lucas County Investment Advisory Committee First Quarter Meeting - May 22, 2026
The Lucas County Investment Advisory Committee (IAC) held its first quarter meeting on May 22, 2026. The meeting included approval of prior minutes, public testimony on Israel bonds, discussion of a recent Ohio Attorney General opinion, and a proposed resolution to align committee guidance with that opinion. A motion to table the resolution failed, and an amendment was introduced but not voted on by the transcript's end.
Consent Calendar
- The meeting minutes from the fourth quarter 2025 meeting were approved unanimously by voice vote.
Public Comments & Testimony
Five speakers were randomly selected from applicants addressing the topic of Israel bonds. Each was allotted three minutes.
- Patrick E. (NWO DSA) opposed investing in Israeli bonds, citing the bombing of civilians and urging Lucas County to invest locally instead.
- Sella Carter called the $5 million investment in Israel bonds a "grave failure" and a "huge mistake," highlighting local needs such as housing, groceries, and gas prices. She urged the committee to let the bond mature in December.
- Nora Riggs urged non-reinvestment of the $5 million Israel bond maturing in December, linking the investment to support for genocide and citing credit rating downgrades. She argued the funds could build affordable housing in Lucas County and referenced a prior email exchange with Treasurer Webb.
- Michael Stram, a Jewish Toledo resident, stated that reinvesting in Israel bonds supports genocide and ethnic cleansing. He argued that the AG's opinion is non-binding and that fiduciary duty must consider financial risks, including credit volatility. He urged the committee to stand with the community.
- Brianna Fangman requested that the $5 million not be reinvested, proposing local alternatives such as collateralized CDs or the state treasury asset reserve. She cited Summit County as an example of allowing Israel bonds to mature without reinvestment.
Discussion Items
- Attorney General's Opinion (2026-004): County Prosecutor John Burrell summarized the opinion, noting it largely restates long-standing Ohio law requiring investments based on safety, liquidity, and yield. He disagreed with the opinion's suggestion that non-reinvestment could constitute a boycott under ORC 9.76, stating that statute applies only to state agencies. Commissioner Gergen criticized the context of the opinion, citing Attorney General Yost's record and the political origins of related statutes. Commissioner Lopez asked for definitions of safety and whether the treasurer had conducted recent analyses. Treasurer Webb confirmed ongoing evaluations based on statutory factors.
- Proposed Resolution 2026-001: The resolution aimed to update IAC guidance to reflect the AG opinion. Commissioner Gergen moved to table, arguing the resolution was unnecessary and redundant and had not been discussed by the full committee. After debate over Robert's Rules of Order, the motion to table failed 2-3 (Gergen and Lopez voted yes; Sebecki, Quilter, and Webb voted no). Commissioner Quilter then introduced amendments to replace "guidance" with "policy and advice," remove mandatory reinvestment language, and clarify case-by-case evaluations. The transcript ends before a vote on the amended resolution.
Key Outcomes
- Minutes approved from the prior meeting.
- Motion to table Resolution 2026-001 denied (2-3).
- Resolution debate ongoing with amendments proposed; no final decision reached in the provided transcript.
Meeting Transcript
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