AN ACT relating to investments made by local governments. Amend KRS 66.480, relating to investments for local governments, to remove the 20% restriction from securities and to add to the permitted investments local governments may make mutual funds, closed-end, and exchange-traded funds and funds investing in individual preferred stock or equities as long as no more than 7% of the portfolio is composed of individual equities at the time of purchase and qualifying high-quality corporate bonds if the funds are managed by a professional investment advisor; specify that these two additional investment types cannot exceed 20% of the total amount of money invested by the local government; establish an investment limit of 5% of the total amount of money invested in any one issuer unless the issuer is the U.S. government or an agency thereof, or an entity whose obligations are guaranteed by the federal government.