{"data":{"id":"us-ky/krs-16.642","jurisdiction":"us-ky","citation":"KRS 16.642","heading":"Board is trustee of funds -- Investments \u0013 Control over assets in","body":"custodial account -- Priority to investments enhancing economic  welfare\nof Commonwealth  -- Investment committee of funds -- Cap on amount  of\nassets managed  by any one investment manager.\n(1) The board shall be the trustee of funds created by KRS  16.505 to 16.652 and\nKRS  61.701 and shall have full power to invest and reinvest such assets in\naccordance with federal law.\n(2) The  board, through adopted written policies, shall maintain ownership and\ncontrol over its assets held in its unitized managed  custodial account.\n(3) The board, in keeping with its responsibility as trustee and wherever feasible,\nshall give priority to the investment of funds in obligations calculated to improve\nthe  industrial development  and  enhance  the economic  welfare of the\nCommonwealth.\n(4) The investment committee established pursuant to KRS  61.650 shall serve as\nthe investment committee of the funds established by KRS 16.505 to 16.652.\n(5) Based  upon market value at the time of purchase, the board shall limit the\namount  of assets managed  by any one (1) active or passive investment\nmanager  to fifteen percent (15%) of the assets in the pension and insurance\nfunds.","path":["KRS Chapter 16"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50847","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:37Z","sha256":"95248f160d650e5b2098e40d634e09485b685823b4dbd8e6d194f38f4b0c5f07","source_id":"us-ky","stale":false,"prev":"us-ky/krs-16.640","next":"us-ky/krs-16.645"},"notice":"GroundRules: Original legal text. Not legal advice."}