In a statement issued to bondholders last Thursday, Reedy Creek said the 1967 law also included a Florida pledge to bondholders. The law states that Florida “shall not in any way infringe the rights or remedies of holders … as long as all such bonds, together with interest thereon, and all costs and expenses in connection with any act or procedure on or on behalf of of these holders are fully executed and released. “
Because of this promise, Reedy Creek said he expects to continue as usual.
“In light of the Florida state’s promise to county bondholders, Reedy Creek expects to explore its capabilities as it continues its current operations, including collecting and collecting its ad valorem taxes and collecting utility bills, paying its debt. ad valorem tax bonds and utility bonds, abiding by its bond agreements and operating and maintaining its properties, “said Reedy Creek.
CNN contacted Gov. Ron DeSantis’ office to comment on Reedy Creek’s statement.
The statement, issued to the Municipal Council for the creation of securities rules, is the first response from Disney County since Republicans in Florida moved to pass legislation that will dissolve the special purpose area on June 1, 2023. DeSantis signed the legislation in Friday. Disney has not made any public statements about the law.
The new law is only two pages long and avoids any discussion of details on how to develop half a century of infrastructure deals, nor does it set out the next steps in the complex process. Lawmakers in neighboring Orange and Oceola counties have expressed concern that they will be blocked by paying off Reedy Creek’s debts and will have to significantly raise property taxes.
“If we had to take the first answer – the public safety components for Reedy Creek – without new revenue, it would be disastrous for our budget here in Orange County,” Orange County Mayor Jerry L. Demings told reporters on April 21. the official vote of the legislature on that day. “This would place an excessive burden on other taxpayers in Orange County to fill this gap.”
How we got here
Disney, with 75,000 employees, is Florida’s largest employer and a key driver of the state’s vital tourism business. Still, government officials have taken on the company’s self-governing status as a form of retaliation for Disney’s criticism of a law restricting LGBTQ issues in schools.
The law, entitled “Parental Rights in Education Act” and labeled by critics as the “Don’t Say Gay” bill, prohibits schools from teaching children sexual orientation or gender identity “in a way that is not age-appropriate or developmentally appropriate.” The law also allows parents to file lawsuits against a school district for potential violations.
The vague language of the law and the threat of parental lawsuits raise fears that this will discriminate against LGBTQ students and have a chilling effect on classroom discussion. However, DeSantis spokeswoman Christina Pushaw said the law would protect children from “thugs,” a slang term for pedophiles, and described those who oppose the law as “probably groomers.”
Disney CEO Bob Chapek initially refused to condemn the law, but reversed the course after facing opposition from critics. A company spokesman issued a statement last month stating that his goal is to repeal the law or reject it in court.
“Florida’s HB 1557, also known as the Don’t Say Gay bill, should never have been passed and never signed into law,” the statement said. The company said it was “committed to protecting the rights and safety of LGBTQ + members of the Disney family, as well as the LGBTQ + community in Florida and across the country.”
Earlier last week, DeSantis challenged lawmakers to unveil the 55-year-old Reedy Creek Improvement Act as part of a special legislative session. The impact of this legislation – as well as its legality – remains unclear.
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