Kentucky Statutes 56.140 – Investment of insurance fund
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(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 and home rule 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 KRS § 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: January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 25, effective January 1, 2015. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4636-30, 4636-31.
Administration Cabinet, may invest the state fire and tornado insurance fund in:
Terms Used In Kentucky Statutes 56.140
- Cabinet: means the Finance and Administration Cabinet. See Kentucky Statutes 56.440
- City: includes town. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real estate: includes lands together with improvements thereon and appurtenances thereto. See Kentucky Statutes 56.440
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(a) Obligations of the United States government, its agencies, and Kentucky cities of the first and home rule 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 KRS § 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: January 1, 2015
History: Amended 2014 Ky. Acts ch. 92, sec. 25, effective January 1, 2015. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 4636-30, 4636-31.