56.140 Investment of insurance fund. - Kentucky Statutes

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56.140 Investment of insurance fund. (1) The State Treasurer, with approval of every investment by the Finance and Administration Cabinet, may invest the state fire and tornado insurance fund in:
(a) Obligations of the United States government, its agencies, and Kentucky cities of the first, second, third, and fourth classes; (b) Warrants issued on the State Treasurer;
(c) State bonds, including bridge revenue bonds issued under KRS 180.010 to 180.250; (d) Bonds or other evidences of indebtedness of any domestic corporation that is an agent or instrumentality of the state or of any city, county, or school district
of the state, secured by a mortgage on real estate in Kentucky that has been
conveyed to the corporation by any city, county, school district, or state
educational institution, and which the corporation has leased and given the
option to lease to the city, county, school district, or state educational
institution, with option in the lessee to purchase the property, or an interest
therein, on the payment of the aggregate sum of the bond issue, plus the
expenses incident to the issuance of the bonds and the formation and
dissolution of the corporation, subject to credit of the amounts paid as rental
for such property; and (e) School bonds issued by cities under KRS 162.120 to 162.290. (2) The Finance and Administration Cabinet shall not approve investments on which there has ever been a default in payment of principal or interest preceding the date
of acceptance by the State Treasurer. (3) All income from investments credited to the state fire and tornado insurance fund shall be credited to that fund. Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4636-30, 4636-31.