bonds, together with interest thereon, are fully met and discharged. reedy creek currently has one billion dollars in bond debt. that one billion dollars in bond debt would also become a burden of the neighboring counties, if the anti disney law went into effect. but the law is unconstitutional. both in the state of florida and in the united states. florida s constitution, and the united states constitution, do not allow government to end it or into contracts that they simply revoked by passing a new law. florida attorney jacob schumer writes, florida simply cannot promise to perspective bond holders that it won t interfere with reedy creek, and then dissolve reedy creek. so, dissolving reedy creek is not just a $163 million tax problem for the neighboring
began building disney world, and authorizing reedy creek to issue bonds in 1967. the florida law says, the state of florida pledges to the holders of any bonds issued by the district that it will not limit or alter the rights of the district, until all such bonds, together with interest there on, are fully met and discharged. reedy creek currently has one billion dollars in bond debt. that one billion dollars in bond debt would also become a burden of the neighboring counties, if the anti disney law went into effect. but the law is unconstitutional. both in the state of florida and in the united states. florida s constitution, and the united states constitution, do not allow government to end it or into contracts that they simply revoked by passing a new law.