(1) The State Investment Commission shall promulgate administrative regulations for the investment and reinvestment of state funds and the acquisition, retention, management, and disposition of investments.
(2) The regulations shall specify:
(a) The long and short term goals of any investment;
(b) The specification of moneys to be invested;
(c) The amount of funds which may be invested per instrument;
(d) The qualifications of instruments;
(e) The acceptable maturity of investments;
(f) The investment procedure with respect to in-state and out-of-state depositories provided that funds available for investment shall be offered first to qualified Kentucky depositories consistent with the investment guidelines; and (g) The distribution method of funds among types of institutions.