(BLOOMBERG) — 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?”