I don't know about y'all but if I was Ken Ham I would take this funding failure as a sign. A sign of dis-approval maybe - doh!!
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 email to supporters Thursday. Without the proceeds, construction funding will fall short, he said.
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“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?”
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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.
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The documents cite at least 39 risks to buyers, including that Answers in Genesis has no obligation to back the debt. Bondholders’ sole revenue stream would come from money spent by visitors.
Noah's Ark biblical theme park project risks collapsing without more bond buyers | The Courier-Journal | courier-journal.com
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