Florida Republicans aiming to punish Disney have hit their own voters instead.
about the law as it made its way through the Legislature and was signed by DeSantis. The company did, however, support every sponsor of the measure with campaign contributions, part of its extraordinary financial largesse to Florida politicians, including DeSantis himself. Disney’s cowardly silence provoked an uproar among the company’s employees, which finally prompted company executives to speak out., a hastily drafted law, during a special session this month.
The Legislature finessed that problem by declaring that their dissolution would take place “notwithstanding” the earlier law. If push came to shove, it might be a fair bet that the company would take this issue to court. A third obstacle is found nestled within the bond covenants of borrowings made under Florida law by Reedy Creek.
Thus far, investors haven’t spoken up, possibly because the legislation is so hurried and half-baked that no one has moved beyond the head-scratching stage. The credit-rating agency Fitch, which monitors the credit worthiness of municipal bond issuers like Reedy Creek, did place the district’s outstanding borrowings onThe warning applies to $766 million in Reedy Creek bonds backed by taxes and an additional $79 million in bonds backed by utility revenues.
There are lessons in all this, and they make DeSantis look like a sanctimonious fraud and Disney look like a hive of fools. DeSantis wasn’t above taking Disney’s campaign money to the tune of $107,000 in recent electoral cycles — not counting his take from Republican and conservative PACs to which Disney contributed.
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