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.