Noah’s Ark Depends on Faith in Default-Plagued Debt: Muni Credit
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Given the default history of unrated municipal debt, investors may have to pray for the success of bonds being sold to build a full-scale replica of Noah’s Ark.
The northern Kentucky city of Williamstown plans to offer $62 million of securities next month for affiliates of Answers in Genesis, a Christian nonprofit that operates the Creation Museum upstate. Proceeds will help build a 510-foot (155.4-meter) wooden ship, the centerpiece of a planned biblical theme park called “Ark Encounter.” Bond documents project the venue will attract at least 1.2 million people in its first year.