There's Disney the company and Reedy Creek Improvement District the governing body. He said Disney if he really means RCID then, yeah, that's a different story but not really.
If there are muni bonds maturing, and RCID issued them, the RCID needs to cough it up. Orange and Ocela counties will likely sue if RCID wants to dump it on them and I honestly don't see a state judge ruling that a municipality that didn't benefit from the issuance is on the hook for paying it back.
The tl;dr here is that Disney is going to (over the next several years) likely have to pay more in taxes because they decided to get political... while everything else stays roughly the same.
Disney can't just abandon the theme parks, so Florida has the high ground in these negotiations.
There's Disney the company and Reedy Creek Improvement District the governing body. He said Disney if he really means RCID then, yeah, that's a different story but not really.
If there are muni bonds maturing, and RCID issued them, the RCID needs to cough it up. Orange and Ocela counties will likely sue if RCID wants to dump it on them and I honestly don't see a state judge ruling that a municipality that didn't benefit from the issuance is on the hook for paying it back.
The tl;dr here is that Disney is going to (over the next several years) likely have to pay more in taxes because they decided to get political... while everything else stays roughly the same.
Disney can't just abandon the theme parks, so Florida has the high ground in these negotiations.
The bonds are secured by a lien on the property taxes. If the property taxes no longer exist, they might be able to default on the bonds.