KRS 99.280: Obligations insured under Federal Housing Act not subject to investment

limits.

The limits as to principal amount secured by mortgage referred to in KRS 99.270 shall

not apply to certificates, bonds and notes, or part interests therein, or any part of an issue

thereof, which are secured by first mortgage on real property in a development area, or

any part thereof, which the federal housing administrator has insured or has made a

commitment to insure under the National Housing Act. Any such person, partn ership,

corporation, public body or public officer may receive and hold any debentures,

certificates or other instruments issued or delivered by the federal housing administrator,

pursuant to the National Housing Act, in compliance with the contract of ins urance of a

mortgage on real property in the development area, or any part thereof.