Disney’s special district tells investors state can’t dissolve it without paying debt
As Florida legislators were rushing through passage of a bill to repeal the special district that governs Walt Disney World last week, they failed to notice an obscure provision in state law that says the state could not do what legislators were doing — unless the district’s bond debt was paid off.
Disney, however, noticed and the Reedy Creek Improvement District quietly sent a note to its investors to show that it was confident the Legislature’s attempt to dissolve the special taxing district operating the 39-square mile parcel it owned in two counties violated the “pledge” the state made when it enacted the district in 1967, and therefore was not legal.
The result, Reedy Creek told its investors, is that it would continue to go about business as usual.
https://www.miamiherald.com/news/politics-government/state-politics/article260783972.html