The Walt Disney Company's special governing district in Florida has responded to a new law seeking to dissolve it, saying the state would be on the hook for the district's current outstanding debt obligations of approximately $1,000,000,000.
Rob Wile
The law, which Gov. Ron DeSantis signed in a special legislative session last week, would end any independent special district the Legislature established before Nov. 5, 1968. "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," the statement says.
“Disney pays its way when it comes to government services,” Florida lawyer Tom Wilkes, who has worked on matters involving Reedy Creek,. “It pays [two] counties and two county school boards — and gets very little services in return. It doesn’t get any exemptions there.”
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