MoosesMom seems exactly right that the state of Florida will drop the Disney district dissolution after the election. Charlie makes a parenthetical comment about a Bloomberg Tax piece. That piece makes pretty clear that bondholders should be able to block dissolution of the district until there is full payment for what I gather is about …
MoosesMom seems exactly right that the state of Florida will drop the Disney district dissolution after the election. Charlie makes a parenthetical comment about a Bloomberg Tax piece. That piece makes pretty clear that bondholders should be able to block dissolution of the district until there is full payment for what I gather is about $1 billion in outstanding debt. I would think the only way that debt gets paid near-term would be for the State of Florida to provide some way to pay it off, perhaps with state money. But legislators seem to have "overlooked" this in the recent legislative action, and my guess is that this will be a key reason for Florida to "let the whole thing drop" before it ever takes effect.
Republican legislators were full of commentary about how this wasn't going to cost local taxpayers anything because the money would still be coming from Disney, so its okay.
I don't know the intricacies of the Florida law in this cases, but all the analysis I have seen says that those legislators were so full of shit their eyes should have been solid brown.
MoosesMom seems exactly right that the state of Florida will drop the Disney district dissolution after the election. Charlie makes a parenthetical comment about a Bloomberg Tax piece. That piece makes pretty clear that bondholders should be able to block dissolution of the district until there is full payment for what I gather is about $1 billion in outstanding debt. I would think the only way that debt gets paid near-term would be for the State of Florida to provide some way to pay it off, perhaps with state money. But legislators seem to have "overlooked" this in the recent legislative action, and my guess is that this will be a key reason for Florida to "let the whole thing drop" before it ever takes effect.
Republican legislators were full of commentary about how this wasn't going to cost local taxpayers anything because the money would still be coming from Disney, so its okay.
I don't know the intricacies of the Florida law in this cases, but all the analysis I have seen says that those legislators were so full of shit their eyes should have been solid brown.