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> In the Reedy Creek Act the State of Florida has pledged to the holders of any bonds issued by the District: So it's in the statute, not any contract? State
by cryptonector 5y ago
> In the Reedy Creek Act the State of Florida has pledged to the holders of
any bonds issued by the District:
So it's in the statute, not any contract?
State statutes are not contracts.
Nor can one legislature session bind a future one through statute.
- WarOnPrivacy 5y agoFrom what I see, the state statute grants the ability for RCID to issue bond contracts. I don't believe the statute grants the state any ability to interfere with those contracts. ref: https://news.bloombergtax.com/tax-insights-and-commentary/the-contractual-impossibility-of-unwinding-disneys-reedy-creek https://news.bloombergtax.com/tax-insights-and-commentary/th...
- cryptonector 5y agoThat article doesn't add anything new. Again, a statutory promise is not a contractual clause and cannot bind a future legislature. I'm sure there will be interesting court cases out of this. That is, whether cancelling the special district interferes with the extant bonds will be an interesting question for the courts, but if Disney can pay... And anyways, the legislature could always make it so the counties inherit the bonds (and the 3x tax power until they're paid off, maybe), so it seems unlikely that the legislature can do nothing here.