Fiscal Court approves revenue bond to finance SkyPAC improvements, officials say county not on the hook

The Warren County Fiscal Court on Thursday approved Resolution 2604 authorizing the issuance of revenue bonds to finance expansion and capital improvements at SkyPAC, the county-owned performing-arts facility.

Bond counsel Gil Johnson told the court the bond is a revenue bond structured to comply with Kentucky law and is payable from SkyPAC (Skyac) revenues rather than the county's general fund. "It's a revenue bond ... the county does not have an obligation to pay this," Johnson said.

The resolution, as presented to the court, authorized a principal amount not to exceed $2.7 million to fund building improvements including ADA restrooms and other accessibility upgrades. The measure also authorized the pledge of transient-room tax revenues and other instruments necessary for issuance and financing.

Judge Gorman and county finance staff thanked the county's financial adviser (Keith Brock), bond counsel (Gil Johnson) and others for assistance on prior bond issuances and for advancing the project. The court approved the resolution by roll call; recorded votes were all in favor.

County officials said the issuance is intended as a short-term revenue note and that the county's general obligation debt will not be increased by the action. No citizen amendment to the resolution was offered during the meeting.

The court took the vote under the agenda item and did not delay the bond authorization; staff indicated further implementation steps, documents and requests for proposals for the project would follow.