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99.270 Obligations of redevelopment corporation are authorized investments.

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99.270 Obligations of redevelopment corporation are authorized investments. Certificates, bonds, and notes, or part interests therein, or any part of an issue thereof, <br>which are secured by a first mortgage on the real property in a development area, or any <br>part thereof, shall be securities in which all the following persons, partnerships, or <br>corporations and public bodies or public officers may legally invest the funds within their <br>control, provided that the principal amount secured by such mortgage shall not exceed the <br>limits, if any, imposed by law for such investments by the person, partnership, <br>corporation, public body, or public officer making the same: Every executor, <br>administrator, trustee, guardian, conservator, or other person or corporation holding trust <br>funds or acting in a fiduciary capacity; the state, its subdivisions, cities, all other public <br>bodies, all public officers; persons, partnerships, and corporations organized under or <br>subject to the provisions of the banking law (including savings banks, savings and loan <br>associations, trust companies, banking corporations); the commissioner of the <br>Department of Financial Institutions as conservator, liquidator, or rehabilitator of any <br>such person, partnership, or corporation; persons, partnerships, or corporations organized <br>under or subject to the provisions of the insurance law; fraternal benefit societies; and the <br>commissioner of the Department of Insurance as conservator, liquidator, or rehabilitator <br>of any such person, partnership, or corporation. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 85, effective July 15, 2010. -- Amended Ky. Acts ch. 141, sec. 55, effective July 1, 1982. -- Created 1942 Ky. Acts ch. 36, <br>sec. 16. Note: 1980 Ky. Acts ch. 396, sec. 60 would have amended this section effective July 1, 1982. However, 1980 Ky. Acts ch. 396 was repealed by 1982 Ky. Acts ch. 141, <br>sec. 146, also effective July 1, 1982.