A Kentucky theme park to be built around a full-scale replica of Noah’s Ark may sink unless investors purchase about $29 million in unrated municipal bonds by Feb. 6.
The northern Kentucky city of Williamstown in December issued taxable debt for affiliates of Answers in Genesis, a Christian nonprofit, data compiled by Bloomberg show.
Even though $26.5 million of securities have been sold, the project needs to sell at least $55 million in total to avoid triggering a redemption of all the bonds, Ken Ham, the nonprofit’s president, said in an e-mail to supporters yesterday. Without the proceeds, construction funding will fall short, he said.
“We still need those Ark supporters who weren’t able to purchase the Ark bonds at closing to prayerfully consider participating in a secondary bond delivery at the level they had indicated to us,” Ham said. “Will you please step out in faith with us?”
Proceeds are intended to help build a 510-foot (155.4-meter, or 300 cubit) wooden ship, the centerpiece of a planned biblical theme park called Ark Encounter. The project has drawn comparisons to tourist attractions from Alabama to Nebraska that have defaulted, and comes with the added risk of legal challenges because its religious theme may violate the Constitution. The Washington-based group Americans United for Separation of Church and State said it is monitoring the project.
Oh yeah, THERE'S a good investment for ya.
Industrial-development bonds are considered the riskiest municipal debt because they account for the largest proportion of defaults in the $3.7 trillion municipal market. Williamstown issued the bonds without a rating, making the prospect of repayment even less clear.
And that explains why they are reaching out to believers. Because no skeptic would give these guys a dime.
Nor should they, after all the entire story of Noah's Ark is clearly a complete fabrication.
In my opinion religion is simply a tool to help identify the most obvious targets to scam. At least that is how it has been used for thousands of years.