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In an announcement issued to its bondholders final Thursday, Reedy Creek identified that the 1967 legislation additionally features a pledge from Florida to its bondholders. The legislation states that Florida “won’t in any manner impair the rights or treatments of the holders … till all such bonds along with curiosity thereon, and all prices and bills in reference to any act or continuing by or on behalf of such holders, are totally met and discharged.”

On account of that pledge, Reedy Creek stated it expects to proceed enterprise as ordinary.

“In mild of the State of Florida’s pledge to the District’s bondholders, Reedy Creek expects to discover its choices whereas persevering with its current operations, together with levying and amassing its advert valorem taxes and amassing its utility revenues, paying debt service on its advert valorem tax bonds and utility income bonds, complying with its bond covenants and working and sustaining its properties,” Reedy Creek stated.

Why Disney has its own government in Florida and what happens if that goes away

CNN has reached out to Gov. Ron DeSantis’s workplace for touch upon Reedy Creek’s assertion.

The assertion, posted to the Municipal Securities Rulemaking Board, represents the primary response from the Disney-run district since Florida Republicans moved to move laws that can dissolve the particular objective district on June 1, 2023. DeSantis signed the laws into legislation on Friday. Disney has not made any public statements concerning the legislation.

The brand new legislation is simply two pages lengthy and avoids any dialogue of particulars about the best way to unwind a half-century of infrastructure offers, nor does it lay out the following steps within the sophisticated course of. Lawmakers in neighboring Orange and Osceola counties have expressed considerations that they are going to be caught with paying off Reedy Creek’s money owed and must considerably increase property taxes on residents.

“If we needed to take over the primary response — the general public security elements for Reedy Creek — with no new income, that will be catastrophic for our finances right here inside Orange County,” Orange County Mayor Jerry L. Demings informed reporters on April 21, earlier than the official legislature vote that day. “It might put an undue burden on the remainder of the taxpayers in Orange County to fill that hole.”

How we obtained right here

Disney, with 75,000 staff, is the most important single-site employer in Florida and is a key driver of the state’s important tourism enterprise. But state officers took on the corporate’s self-governing standing as a type of retaliation for Disney’s criticism of a legislation limiting dialogue of LGBTQ points in colleges.

The legislation, titled the “Parental Rights in Schooling” invoice and labeled by critics because the “Do not Say Homosexual” invoice, prohibits colleges from educating youngsters about sexual orientation or gender identification “in a fashion that isn’t age-appropriate or developmentally applicable.” The laws additionally permits dad and mom to carry lawsuits in opposition to a college district for potential violations.

The legislation’s imprecise language and the specter of parental lawsuits have raised fears that it’s going to result in discrimination in opposition to LGBTQ college students and could have a chilling impact on classroom dialogue. DeSantis’ spokesperson Christina Pushaw, nonetheless, stated the laws would defend children from “groomers,” a slang time period for pedophiles, and described those that oppose the legislation as “in all probability groomers.”

Disney CEO Bob Chapek initially declined to sentence the legislation however reversed course after going through worker criticism. An organization spokesperson launched an announcement final month stating its aim is for the legislation to be repealed by the legislature or struck down within the courts.

“Florida’s HB 1557, also referred to as the ‘Do not Say Homosexual’ invoice, ought to by no means have handed and may by no means have been signed into legislation,” the assertion stated. The corporate stated it was “devoted to standing up for the rights and security of LGBTQ+ members of the Disney household, in addition to the LGBTQ+ group in Florida and throughout the nation.”

Earlier final week, DeSantis challenged lawmakers to unravel the 55-year-old Reedy Creek Enchancment Act as a part of a particular legislative session. The impression of that laws — in addition to its legality — stays unclear.

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