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JACKSON, Miss. (AP) — A new Mississippi law will allow the state treasury to invest up to $20 million in bonds issued by Israel.

Republican Gov. Phil Bryant, who has traveled to Israel several times, signed Senate Bill 2051 Tuesday.

The law takes effect July 1. It will authorize Mississippi to use excess general funds to invest in Israeli bonds. Investments must be made in U.S. currency.

State treasury Chief of Staff Michelle Williams says the treasury invests most of its excess funds into state banks, then into the U.S. Treasury. The new law will give the treasury another option for investment — one that Williams said is safe but with a higher rate of return.