Franklin County gives first reading to ordinance to issue up to $1.8M in bonds for Grand Theatre renovation

Frankfort — The Franklin County Fiscal Court on Sept. 24 gave first reading to an ordinance that would apply an additional 2% transient room tax to dedicated tax revenue and revenue refunding bonds and authorize the sale of up to $1,800,000 in Series 2025 bonds to finance renovation and partial refunding related to the Grand Theatre, described in county documents as the Save The Grand Theatre Project.

The first reading, which does not constitute final approval, updates prior county ordinances (including Ordinance No. 2024-12 and Ordinance No. 8, Series 2025) and references KRS 91A.392(1) as authority for the additional transient room tax. The bonds are described as dedicated tax revenue and revenue refunding bonds intended to fund renovation, repair, reconstruction and equipping of the Grand Theatre and to refund portions of earlier bonds tied to the project.

The ordinance text presented to the court acknowledges the previous imposition of the additional 2% transient room tax and would apply that revenue stream to retirement of the new bonds, with net bond proceeds not to exceed $1,800,000. Save The Grand Theatre, Inc. is identified in the ordinance as the local project organization to be party to related bond purchase and loan documents.

Because the action was a first reading, the court did not take a final vote on the bond issuance. The ordinance’s next steps include a subsequent reading and any required adoption motions before bonds could be sold and related documents executed. County officials did not provide further fiscal projections or a repayment schedule at the meeting; those details were not specified in the minutes.