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Except one of the bonds cannot be redeemed early, and based on the taxation rate authorized to Reedy Creek means the underlying terms of the bonds have been cha
by edmundsauto 5y ago
Except one of the bonds cannot be redeemed early, and based on the taxation rate authorized to Reedy Creek means the underlying terms of the bonds have been changed. The Florida state constitution apparently has strict limits on the state governments ability to interfere with contracts, and according to the article, that is also strongly held in previous Supreme Court cases.
This article is written by an attorney based in Florida. I think it’s probably reasonable to defer to their expertise, in this case. after all, they are an attorney with experience in the state - are you?
- bdonlan 5y agoThe state _could_ attempt to negotiate with bondholders to repurchase the bonds - probably at a significant premium, however. Of course, if one of the bondholders refuses to sell, there wouldn't be much they can do... (I wonder if Disney holds any of those bonds for this very reason?)
- tantalor 5y ago> if one of the bondholders refuses to sell eminent domain has entered the chat