56.140 Investment of insurance fund.

Loading PDF...

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.