56.140 Investment of insurance fund.
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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: <br>(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; <br>(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 <br>of the state, secured by a mortgage on real estate in Kentucky that has been <br>conveyed to the corporation by any city, county, school district, or state <br>educational institution, and which the corporation has leased and given the <br>option to lease to the city, county, school district, or state educational <br>institution, with option in the lessee to purchase the property, or an interest <br>therein, on the payment of the aggregate sum of the bond issue, plus the <br>expenses incident to the issuance of the bonds and the formation and <br>dissolution of the corporation, subject to credit of the amounts paid as rental <br>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 <br>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 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 4636-30, 4636-31.
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