the Reedy Creek Improvement District pointed out that the 1967 state law establishing Disney’s special district 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.” In other words, DeSantis’s attempt to dissolve the district is illegal unless he coughs up $1 billion first and because of that, Reedy Creek told bondholders, it’s not going anywhere.
“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,” the district wrote in the statement.