City seeks to jump-start stalled Ark Encounter park with $62 million 'junk' bond offering
Well, a fool and your money are soon partners I suppose.
Quote:A planned amusement park in Grant County featuring a life-size Noah's Ark is two years and millions of dollars behind schedule, but now it's getting more civic help: a $62 million bond issue being offered by the city of Williamstown.
The city, which has already granted the project a 75 percent break in property taxes over 30 years, won't have to repay the bonds, according to the bond-offering documents. That's good, experts say, because the bonds are not rated, which makes them speculative, or "junk" bonds, said Gene Gard of Dupree Mutual Funds in Lexington.
The taxable bonds are backed by future revenues from the project, which organizers believe will attract more than 1 million visitors in the first year.
[. . .]
The preliminary bond offering documents for the Ark Encounter project list 39 risks for those who buy the bonds, from animals getting sick to possible lawsuits over the constitutionality of a religious project receiving federal and state money.
Well, a fool and your money are soon partners I suppose.
At the age of five, Skagra decided emphatically that God did not exist. This revelation tends to make most people in the universe who have it react in one of two ways - with relief or with despair. Only Skagra responded to it by thinking, 'Wait a second. That means there's a situation vacant.'
