2011 Kentucky Revised Statutes CHAPTER 386 ADMINISTRATION OF TRUSTS -- LEGAL INVESTMENTS -- UNIFORM PRINCIPAL AND INCOME ACT 386.050 Housing authority obligations -- Authorized investments -- Security for public deposits -- Negotiable -- United States bonds.
KY Rev Stat § 386.050 (1996 through Reg Sess) What's This?
386.050 Housing authority obligations -- Authorized investments -- Security for
public deposits -- Negotiable -- United States bonds.
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This state and all public officers, cities, political subdivisions and public bodies, all
banks, trust companies, savings institutions, savings and loan associations,
investment companies and other persons carrying on a banking business, all
insurance companies, and other persons carrying on an insurance business and all
fiduciaries may legally invest any sinking funds, moneys or other funds belonging
to them or within their control in any bonds or other obligations issued by a housing
authority pursuant to the Municipal Housing Authority Act or the Rural Housing
Authority Act, and any additional amendments thereto, or issued by any public
housing authority or agency in the United States, when these bonds or other
obligations are secured by a pledge of annual contributions to be paid by the United
States or any agency thereof, or in any electric revenue bonds or other obligations
issued by the Tennessee Valley Authority.
These bonds and other obligations shall be authorized security for all public
deposits and shall be fully negotiable in this state.
Nothing in this section with regard to legal investments shall relieve any individual
or corporation from any duty of exercising reasonable care in selecting securities.
Any county, municipality, or other taxing district may legally invest its sinking
funds, money, or other funds belonging to it or within its control in United States
Defense Bonds or any other bonds or obligations for the payment of which the faith
and credit of the United States Government is pledged.
History: Amended 1968 Ky. Acts ch. 152, sec. 160. -- Amended 1960 Ky. Acts
ch. 188, sec. 2. -- Amended 1942 Ky. Acts ch. 57, secs. 1 and 2. -- Recodified 1942
Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4706-11.
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