Bluegrass Airport, Ky., board resignations won't impact $77.08 million bonds

By Sheri Kasprzak

New York, Jan. 15 - Several top-ranking officials at Kentucky's Bluegrass Airport have resigned after an internal investigation on charges that they inappropriately used airport credit cards.

Those resignations, however, will not affect the Lexington-Fayette Urban County Airport Board's $77.075 million in series 2008A revenue refunding bonds, series 2008B variable-rate general airport revenue and revenue refunding bonds or series 2008C variable-rate general airport taxable revenue refunding bonds, according to a statement released by the board Thursday.

"These resignations and the continuing investigation to date have not adversely affected the security for the bonds," read the board statement.

The statement reported that on Tuesday John Coon, the airport's director of operations; John Sloan, the airport's director of planning and development; and John Rhodes, the airport's director of administration and finance, all resigned from their positions. Michael Gobb, the airport's executive director, resigned on Jan. 2.

The resignations come after an internal investigation and a Kentucky auditor examined airport credit card charges made by the officials. The investigation revealed, according to the board statement, that individual credit card charges "may not have been appropriate."

In the wake of the resignations, Alfred Testa Jr., former director of aviation for the Susquehanna Area Regional Airport Authority in Pennsylvania, will manage operations for Bluegrass Airport.

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