Disney tells investors state can't dissolve special district without paying debt

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Mary Ellen Klas
@MaryEllenKlas
NEW: Disney ends its silence, quietly tells its investors Florida law prevents state from dissolving special district without first paying debt /1

Disney World in Orlando has been the target of Florida Gov. Ron DeSantis’ retaliation for publicly opposing the “Parental Rights in Education” bill, also known as the “don’t say gay” bill.
miamiherald.com

Disney tells investors state can’t dissolve special district 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...
4:43 PM · Apr 26, 2022

https://www.miamiherald.com/news/politics-government/state-politics/article260783972.html

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 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, Disney told its investors, is that it would continue to go about business as usual.

The statement, posted on the website of the Municipal Securities Rulemaking Board on April 21 by the Reedy Creek Improvement District, is the only public statement Disney has supplied since lawmakers unleashed their fury over the company’s vocal opposition to the “Parental Rights in Education” law, also known as the “don’t say gay” bill.

*snip*