That's a myth that Disney perpetuated.

RCID's "debt" is owed to Disney for hard capital improvements Disney has used. The only reason the debt exists on RCID's books as a vehicle for Disney to write off money on its taxes.

Orange and Osceola would refuse to accept RCID's debt, because the RCID's sole creditor (Disney) is also the primary beneficiary of RCID's improvements.

That is, the counties will say:

"You (Disney) had RCID borrow money from Disney, to build roads for Disney. You were deducting the taxes you paid RCID (which serviced the debt) and then not paying tax profits from the debt (because it was a muni-bond). We're not assuming RCID's debt; you wanted roads, you paid for them, you got them. All the rest is clever accounting to convert as much capital improvement spending into muni-bonds TO YOURSELF to shield corporate profits from taxes."

As I understand it there were cases of Disney relinquishing land back to RCID for new roads so that they could do their muni-bond trick on as many improvements as possible. Left to run its course I imagine they would have eventually ceded parking lots to RCID.

You don't even need to get into the shady details of studio accounting to see that is an absolutely retarded argument on its face. Reedy Creek is Disney, so any debt accumulated by Reedy Creek would be Disney debt. Even if there was some hypothetical way that Reedy Creek, which is Disney, could magically accumulate debt that wasn't Disney's, the government could declare that debt is still Disney in the process of taking back Reedy Creek because it is the government, creator of rules, the monopoly on violence, the origin of force.