Ky. Rev. Stat. § 224A.150
Revenue bonds and notes issued by the authority under the provisions of this chapter are hereby declared and deemed to be securities in which all public officers and public bodies of the Commonwealth and its political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such obligations of the authority are hereby declared and determined to be securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state, for the purpose for which the deposit of bonds, notes, or obligations of the state is now, or may hereafter be, authorized by law.
KRS 224A.150