Disney responded to Gov. Ron DeSantis and Florida Republican legislative majority passing a bill to cancel their special district by telling them that they will have to pay off all existing district debt.
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.”
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“In light of the State of Florida’s pledge to the District’s bondholders, Reedy Creek expects to explore its options while continuing its present operations, including levying and collecting its ad valorem taxes and collecting its utility revenues, paying debt service on its ad valorem tax bonds and utility revenue bonds, complying with its bond covenants and operating and maintaining its properties,” Reedy Creek said.
From the beginning of Ron DeSantis’s move to punish Disney there have been substantial legal questions about whether he and the Republicans have the authority to cancel the special district.Â
Ron DeSantis made one mistake when he set out to get revenge against Disney for speaking out against his don’t say gay bill. The Florida governor and legislature forgot to change the statute governing special districts, which means that unless DeSantis wants to raise taxes by $1 billion just before he launches his 2024 presidential campaign, he may not be able to punish Disney for not going along with hateful and bigoted stunt.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
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