Posted on 04/27/2022 4:01:43 PM PDT by Coronal
In a statement quietly posted April 21, Disney informed investors that despite the recent law abolishing its special tax district by 2023, the state of Florida can’t actually do that unless it also covers all outstanding debts associated with the district. Subsequently, the company told investors it intends to conduct business as usual for the time being.
In the statement, first reported by WESH in Florida, officials for the Reedy Creek Improvement District — the official name of the tax district in which Disney operates its Florida theme parks and also functions as the local government — assured investors that under the terms of the 1967 law that established the district:
“Unless otherwise provided by law, the dissolution of a special district government shall transfer title to all of its property to the local general purpose government, which shall also assume all indebtedness of the preexisting special district.”
Specifically, the statement notes that “In the Reedy Creek Act the State of Florida has pledged to the holders of any bonds issued by the District: (1) that it will not limit or alter the rights of the District … until all such bonds together with interest thereon, and all costs and expenses in connection with any act or proceeding by or on behalf of such holders, are fully met and discharged.”
As a result, the statement says, Disney intends to continue “present operations” in Reedy Creek. Disney also said it is exploring “its options” in the meantime.
(Excerpt) Read more at yahoo.com ...
They’re special though...and can ignore laws, and reality and the difference between boys and girls.
The state will pay off the bonds, and issue new ones.
Seems a simple solution - the state pays off the bonds.
>> Get the sheriff to padlock the gates.
And FL Sheriffs don’t care much for intruders
If the debts belong to Disney, Disney has to pay them. The state of Florida can pass any law it wishes and Disney is SOL.
It’s a crap announcement by Disney. They really do consider themselves above any state laws of Florida.
“It sounds like Disney is trying the usual liberal tactic of ignoring the law.”
Which law?
Given that the CEO & CFO are likely nowhere near there, how would that happen? And what exactly is DW doing that would provide legal justification for closing it? What Florida statute(s) have they violated?
I wonder how Non Biologist Katenji Brown will vote on this when it ends up at SCOTUS
I presume that the legislature was counseled by lawyers in the know. If it didn’t, heads need to roll.
Time to send in your safety inspectors, environmental testers, pass a state “entertainment tax” and create toll roads on the highways leading into the area.
“Unless otherwise provided by law,...”
stroke of the pen law of the land kinda cool
It is sometimes charming how clueless our side can be about how this works. See, there are these things called building codes that Disney hasn’t had to follow for many decades now.
If a sidewalk is 1mm too small or a road isn’t up to state code, well...dammit I guess the whole place will have to shut down. You know, for safety. For the children.
And the Florida Fish Commission to regulate all the waters.
“Unless otherwise provided by law, “
The Groomer park needs a pimp slap.
What-the state of Florida isn’t buying the place, or closing it down-just abolishing their special tax district-why are they whining about that? It was bound to happen sooner or later, since they have ridden that exemption into the ground...
The FL asset tax alone is going to cream them.
The 1967 legislature of Florida could not preempt future Florida lawmakers and governors from action.
The government of Florida can play hardball and make it impossible for Disney to continue its operations in Florida.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.