Disney Releases Statement That May Hold Up the Dissolving of Reedy Creek
Disney may have dropped a bomb on the states appealing of the Reedy Creek Improvement District. Disney has told its investors that the RCID can’t be dissolved until the district’s bond debt gets paid off.
Photo: CBS Miami
Disney has not said too much in regards to Florida’s Governor Ron DeSantis trying to dissolve Reedy Creek until they released a statement on April 21st.
Photo Credit: worldofwalt.com
Reedy Creek’s statement says, “State of Florida pledges…it will not limit or alter the rights of the District…until all such bonds together with interest thereon…are fully met and discharged.”
The statement went on to say, “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.’’
In summary, the state pretty much has a contractual obligation to pay off all bond debt from the Reedy Creek Improvement District before it can be no more. So the current bill that was signed into office was incomplete or violates a contract clause.
We will follow along as this develops more. Stay tuned with MickeyBlog.
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Source: Miami Herald
