2006 Kentucky Revised Statutes - .170   Authority to borrow.

293.170 Authority to borrow. In order to initiate the program for the issuance of Kentucky savings bonds the authority is authorized to borrow any amount not exceeding $1,000,000 and to issue its interest- bearing note or notes therefor which shall be repayable from the proceeds of the sale of savings bonds notwithstanding any other provisions of this chapter. The amount borrowed shall be deposited in the payment and redemption fund and invested and used in the same manner as if it had been derived from the proceeds of the sale of savings bonds. The note or notes of the authority evidencing such borrowing shall be eligible for investment for funds held by or in the State Treasury, the Kentucky Employees Retirement System, the County Employees Retirement System, the State Police Retirement System, and the Teachers' Retirement System. Effective: July 1, 1972 History: Created 1972 Ky. Acts ch. 368, sec. 17, effective July 1, 1972.