3.9k Share this

Disney World may be able to keep the unusual self-governing status the theme park has enjoyed in Florida for decades — despite the fact that Gov. Ron DeSantis last week signed a law to revoke it.

The Reedy Creek Improvement District says that Florida cannot legally dissolve the Disney-dominated self-governing entity next year unless the state covers the estimated $1 billion in outstanding bond debt.

The district, which was created by Florida to entice California-based Disney to build a theme park on land that straddles both Orange and Osceola Counties in the late 1960s, is legally empowered to govern its own affairs.

Reedy Creek sent a letter to bondholders last week citing language of the 1967 law which states that Florida “will not in any way impair the rights or remedies of the holders…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.”

That is why RCID said it expects to continue to maintain its quasi-independent status despite the newly enacted repeal.

Florida Gov. Ron DeSantis last week revoked Disney's self-governing status.
Florida Gov. Ron DeSantis last week revoked Disney’s self-governing status.
Tribune News Service via Getty Images

“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,” according to the letter to bondholders.

The existence of the letter — the first public comment by RCID since the GOP-led state government moved to strip Disney of its special status — was reported on Wednesday by CNN.

Gov. DeSantis last week signed into law a new measure that revokes RCID’s special status.

Disney angered Florida Republicans by expressing its opposition to a new law banning gender identity education for kids below fourth grade.
Disney angered Florida Republicans by expressing its opposition to a new law banning gender identity education for kids below fourth grade.
Bloomberg via Getty Images

The law doesn’t specify the precise mechanism through which authorities plan to dismantle RCID. The Post has reached out to DeSantis’ office seeking comment.

County officials in Orange and Osceola warned that the dissolution of RCID would create an enormous tax burden on residents since they would be on the hook for outstanding bond debt.

The move, which was endorsed by Florida’s GOP-dominated state legislature, was made in response to Disney’s public opposition to a law banning sexual and gender identity education for children before the fourth grade.

After initial reluctance to take a public stance on the so-called “Don’t Say Gay” legislation, Disney, which was facing internal opposition from employees demanding a more forceful response, released a statement vowing to help strike down the law in court.

Source: NYPOST

3.9k Share this
You May Also Like
Chicago violence: Man stabbed to death on CTA Blue Line train between Clinton, LaSalle stops, CPD says

Chicago violence: Man stabbed to death on CTA Blue Line train between Clinton, LaSalle stops, CPD says

CHICAGO (WLS) — A passenger was stabbed Monday night on a CTA…

Kremlin officials ‘are already discussing who will replace Putin’

Top-ranking Russian officials are said to be plotting a government without Vladimir…

Pictured: Father, 62, mauled to death by his son’s American Bully-type dog which bit him on the leg

A dad took his final breath while saying ‘I’m going’ after he…
Class of 2022 entering brightest job market in recent history after graduation; Phillips Park seeks summer lifeguard positions

Class of 2022 entering brightest job market in recent history after graduation; Phillips Park seeks summer lifeguard positions

CHICAGO (WLS) — The world is really their oyster. The class of…

Palliative care nurse reveals the one type of person who struggles the most in their dying days

Palliative care nurse reveals the one type of person who struggles the…
Wolves top Milwaukee Admirals again in Game 2 of AHL Central Division Finals

Wolves top Milwaukee Admirals again in Game 2 of AHL Central Division Finals

ROSEMONT, Ill. (CBS) — The Wolves were ready to flex on the…
Viral video shows United Airlines worker fighting with passenger

Viral video shows United Airlines worker fighting with passenger

Viral video shows United Airlines worker fighting with passenger – CBS Chicago…

Sophie Wessex is greeted by pupils during the Royal Agricultural Society Show in Cowes

After her visit to the Chelsea Flower show in London yesterday, Sophie…