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LINK Disney's self-governing district says Florida cannot dissolve it without paying off its debts - CNN

CNN —

Disney’s self-governing special district, the Reedy Creek Improvement District, says that Florida’s move to dissolve the district next year is not legal unless the state pays off Reedy Creek’s extensive debts.

Reedy Creek is a special purpose district created by state law in May 1967 that gives The Walt Disney Company extensive governmental control over the land in and around its central Florida theme parks. With that power, Reedy Creek currently has about $1 billion in outstanding bond debt, according to the credit rating agency Fitch Ratings.

In a statement issued to its bondholders last Thursday, Reedy Creek pointed out that the 1967 law also includes a pledge from Florida to its bondholders. The law states that Florida “will not in any way impair the rights or remedies of the holders … until all such bonds together with interest thereon, and all costs and expenses in connection with any act or proceeding by or on behalf of such holders, are fully met and discharged.”

(LMAO... I doubt DeSantis read that before trying to dissolve Reedy Creek as retribution for Disney opoosing his stance on LGBT+ issues. Florida by low would be bound by law to pay off the bonds, which would benefit Disney greatly.)

snytiger6 9 Apr 27
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Big political stunt - law was set for 2023, so no immediate affect except righties owning the libs b.s. Losing the services part would cost taxpayers about 20% increased taxes, AND, the debt that Disney is currently paying would also need to be paid- that is a billion. Along with a few hundred or so lost jobs.

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DeSantis hasn't read anything since the 5th grade. So, I would he was shooting from hip to kiss Trumps ass and anyone who thinks he is da bomb.

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