DeSantis v. Disney - One For The Public Finance Experts

Dissolving Disney's special tax district may be more complicated than it seems - when the Reedy Creek Improvement District was created by the FL state legislature pledged back in 1967 they pledged not to impair any subsequent bond issues. That leads to other issues - what one legislative session bestows another can often take back. But both the Florida and US constitutions speak to the question of impairing government contractual obligations.

The Miami Herald reprises the action so far.

 

Comments

[Thomas Collins]

Naturally enough, there are no doubt bond lawyers representing the district working on reviewing the district statute, the new statute, the disclosure documents relating to the district's bonds, and other district legislation relating to the bonds. The State of Florida, if it hasn't already, will have its own in-house and perhaps some outhouse counsel working on this. Anybody claiming at the moment to have the answer to the question of how to structure the dissolution consistent with existing covenants, and statutory and constitutional requirements, is, to channel God's who the eff are you speech in the Book of Job, darkening counsel without knowledge. The most straightforward way to deal with this would be for the State of Florida or some other Florida governmental authority to issue taxable or tax-exempt refunding bonds to pay off all district debt. Even if all or a portion of the debt is not prepayable at the moment, bond proceeds could be placed in an escrow and invested in a manner to generate sufficient amounts to pay all debt service and accomplish a defeasance of the district's debt (which would discharge the covenants). Whether this is financially feasible would be a matter for Florida's financial advisors, and whether the refunding bonds could be marketed at rates that would make the deal financially feasible would be a matter for those masters and mistresses of the universe, the investment bankers. One would also need to look for statutory authority to issue these types of bonds.

Did I miss anything of note, Melinda?

[Thomas Collins]

In any event, I'm sure that over the next few months, there will be wheeling and dealing among the DeSantis administration, the Florida legislature and Mickey Mouse over the bond and other issues regarding the new legislation. I doubt Mickey will pull a Robert Irsay and leave Florida in the middle of the night.

[Thomas Collins]

My fantasy solution: Elon buys Disney World from Mickey (with Mickey of course retaining occupancy rights). New song for Disney World: It's a Small Twitterverse After All!

[Neo]

Multiple diplomatic sources in Jerusalem shared the assessment that the US is close to moving on from the revival of the 2015 Joint Comprehensive Plan of Action (JCPOA) in light of Iran’s demand that Washington removes the Islamic Revolutionary Guard Corps (IRGC) from its list of Foreign Terrorist Organizations (FTO) and its refusal to take reciprocal steps.

The chances of the US and Iran returning to the JCPOA are “slim to none,” a senior diplomatic source said, adding that the longer time goes on without a deal, the smaller the likelihood gets.
https://www.jpost.com/middle-east/article-705119

.. Obama said: "Don't underestimate Joe's ability to f... things up."

[Comanche Voter]

Since the bonds that Disney issued are no doubt based on the revenue from Disney World, sales of land etc one way to get at that revenue stream is to tax the snot out of it--and use that to pay the bonds.

The bond and tax lawyers will gussy it all up to make it "legal" but that way lies the exit.

[Thomas Collins]

Taxing Disney's property at current rates is only an option, Comanche Voter, if the governmental entity or entities that take over the property have the same taxing powers as the district. If not, the Florida legislature would need to grant them those special powers (assuming non-special districts can be granted those special powers under the Florida constitution). The ultimate arrangement would look very much like a special district arrangement, with perhaps Disney's powers lessened. DeSantis is smart enough to have realized the complications. I think what is going on here is that DeSantis decided to whack Mickey with a two by four to facilitate discussions. In any event, more business for bond lawyers, tax lawyers and litigators. Hooray!

[Narciso]

yes desantis played the vercotti card, gosh all we wanted was mutilate the childrens bodies and warp their minds, is that illegal, it should be

[Narciso]

its the siren song of esg, blackrock being the 800 pound guerilla, that is driving these companies on to the rocks, that's why oil companies can't get caoital to drill, gun companies to build and sell weaponry,

[Narciso]

neo, it's not a bug it's a feature, empowering the revolutionary guard, so it has as much money as the pla and as much influence is the point,

[Rocco]

Why did Zelensky refuse a peace initiative from Germany just days before the invasion, even though he knew NATO had denied Ukraine's induction. And why did NATO tell him privately that Ukraine would never be a member but would publicly say "the door would remain open?"

https://www.youtube.com/watch?v=6m9PoKnCNR0&t=395s

[Narciso]

maybe it's fake, but he has made no moves to disprove it

https://www.mediaite.com/tv/tucker-carlson-declares-kevin-mccarthy-a-puppet-of-the-democratic-party-who-shouldnt-be-speaker-sounds-like-an-msnbc-contributor/

the ones who speak out against the capitol gulag, against the summary extinction of our energy supply they need to be silenced,

[Neo]

Narciso: I'm just afraid Joe will take "victory" from the jaws of defeat and go with JCPOA, no matter.
Joe always seems to look a gift-horse in the mouth.

[Neo]

Have you always wanted a SU-34 “Fullback” strike fighter? But $50M is a little bit pricey?
Just donate $1000+ to support Ukrainian army and we’ll send you this tag recycled from a downed russian plane (it’s literally a piece of it with little engraving).
https://twitter.com/vysoven/status/1518904362319421440

[matt - deplore me if you must]

Disney. has been virtually unaccountable since Walt got his special district. This will take some time to unwind, but I'm sure the state has been reviewing the costs and income from the district for some time.

Little known fact; Mauschwitz actually had a permit to build their own nuclear power plant in the district.

I'm not sure how many actually reside in the district. It's complicated.

[MissMarple2]

I had no idea Disney had that special deal. The huge amount of money we spent there back in the 80’s would have been cut back quite a bit.

[Pinandpuller]

The female Secretary of State is the effervescence of social decay.—German proverb

“You’re once, twice
Three times a lady”—Lionel Ritchie

[Dan T Schwartz]

@matt - deplore me if you must: Reedy Creek has 47 residents.

[MissMarple2]

https://thenationalpulse.com/2021/02/08/kurt-campbell-ccp-hunter-biden-ties/

New Asia czar has close ties to CCP.

[Stephanie Nene Not Your Normal Granma]

Reedy Creek has 47 residents.

That would be residences would it not - at Golden Oaks??

[Narciso]

like westworld, the hbo version, which is closer to the truth as one of the bit players, in dr strange, is some bizarre freak, that well I don't want to dwell too harshly, but it fits Disney's Molochian paradigm,

https://mobile.twitter.com/JackPosobiec/status/1519379124070068224

[Narciso]

miss jankowitz, is cray cray eleventy, but that's more important then securing the border,

[Jim Eagle]

I would love to see and read Disney’s PSAR for Mickey 1. Will it be a BWR or a PWR. Radiated mice and rabbits want to know.

[Narciso]

a real piece of work

https://t.me/The_Library_II/75276

[Narciso]

striking the simpsons never referenced this, with itchy and scratchy land,

[Narciso]

the armies of six foot rabbits would never be this stupid would they>

https://asiatimes.com/2022/04/us-on-brink-of-recklessness-in-ukraine/?fbclid=IwAR2uBYvVICnyrc48vADdnozZLC_0q5nctJCpGtPSE3hver2dQ5vs2JaNOSQ

[Narciso]

coming soon to a theatre near you

https://computingforever.com/2022/04/25/the-complete-and-utter-destruction-of-ireland/

[Pinandpuller]

The new Conservative credit card should be called the ‘H1B Visa Card’

[Narciso]

but q was just crazy man

https://www.dailymail.co.uk/news/article-10760191/Zara-Phythian-Doctor-Strange-Benedict-Cumberbatch-husband-sex-girl.html

[Davod]

"I don't know where this is but I imagine Prince used to go fishing there"

http://ace.mu.nu/archives/purpleisle.jpg

[Davod]

Precision falconry (11)

https://twitter.com/i/status/1519429494339252224

[Davod]

Navy Seals mascot (11)

https://twitter.com/i/status/1519429260309680129

[Davod]

Just a normal day in Alaska (15)

https://twitter.com/i/status/1519226535059804161

[Davod]

If he's not dead, then he's dead! 🤣🤣 (33)

https://twitter.com/i/status/1519371631768092676

[Davod]

Looks like the government every time (19)

https://twitter.com/i/status/1518607298473648129

[Davod]

Friendly character (1:00)

https://twitter.com/i/status/1519346926990561280

[Davod]

It is making fun of him (28)

https://twitter.com/i/status/1519353850217566212

[Davod]

3D advertising (17)

https://twitter.com/i/status/1518603694937362434

[Davod]

A herd of elephants taking a nap together (11)

https://twitter.com/i/status/1519439024921976839

[Davod]

Black and white (8)

https://twitter.com/i/status/1519051213635043329

[Davod]

More black and white (12)

https://twitter.com/i/status/1519028521343016962

[Davod]

Almost (18)

https://twitter.com/i/status/1518955892997304325

[Davod]

"A few favorite @phish moments from last week " (16)

https://twitter.com/i/status/1518986929676726273

[Dave (in MA)]

Next I’m buying Coca-Cola to put the cocaine back in

— Elon Musk (@elonmusk) April 28, 2022

[Pinandpuller]

Ban Evasion isn’t even a misdemeanor. I think that Marjorie Taylor Greene should take my advice and start an alt account on Twitter.

But why does she use three names like she’s a serial killer?

[Pinandpuller]

"As an artist and poet I wrote and taught without myself knowing what I was teaching. I received money for doing this; I enjoyed excellent food, lodgings, women, society; I was famous. Therefore whatever I was teaching must have been very good."--Leo Tolstoy, 'Confession'

[Davod]

PARALLEL PARKING, Nailed it.

http://ace.mu.nu/archives/Parallel%20Parking%20in%20Snow.JPG

[Dave (in MA)]

But why does she use three names like she’s a serial killer?

Was Wayne John Gacy's maiden name?

[Pinandpuller]

How will Bill Kristol ever recover:

"At the time we were all convinced that we had to speak, write,
and publish as quickly as possible and as much as possible and that
this was necessary for the good of mankind. Thousands of us published and wrote in an effort to teach others, all the while disclaiming and abusing one another. Without taking note of the
fact that we knew nothing, that we did not know the answer to the simplest question of life, the question of what is right and what is wrong, we all went on talking without listening to one another.
At times we would indulge and praise each other on the condition that we be indulged and praised in return; at other times we would irritate and shout at each other exactly as in a madhouse.
Thousands of workers toiled day and night, to the limit of their strength, gathering and printing millions of words to be distributed by mail throughout all Russia. We continued to teach, teach, and teach some more, and there was no way we could ever teach it all; and then we would get angry because people paid us
little heed."—Leo Tolstoy, 'Confessions'

[Pinandpuller]

Dave:

née

[Pinandpuller]

I know this is kind of out of left field, but my Russian friend tells me the Tehran subway announcements say, “Watch out, the train is leaving-in the name of Allah, Almighty and Merciful!”

[Pinandpuller]

Speaking of Russia, Why do Americans feel the need to add a ‘T’ to Chaikovsky?

There’s a tea in it already.

[henry]

Jon Katz @JonKatzShow
17h

If Elon Musk had bad intentions he could have simply purchased Congress for a fraction of the price.

[henry]

Brian Schimming @BrianSchimming
14m

The US #economy unexpectedly shrank in the first quarter for the first time since the #pandemic crash #inflation

https://www.businessinsider.com/us-gdp-q1-economic-growth-inflation-omicron-wave-coronavirus-recovery-2022-4

[henry]

yep, stagflation is back.

[henry]

Conservative Twitter users have noticed a massive uptick in followers and engagement following Elon Musk’s Twitter buy, while leftists on the platform are experiencing the inverse, prompting some to wonder if the company is undoing evidence that it rigged the reach of people it deemed to be undesirable.

https://www.zerohedge.com/technology/twitter-burning-evidence-unshackling-conservative-accounts

[Buckeye]

Ban Evasion isn’t even a misdemeanor. I think that Marjorie Taylor Greene should take my advice and start an alt account on Twitter.

But why does she use three names like she’s a serial killer?

She learned it from some guy named Pin And Puller:)

[Narciso]

yes we're in the best hands

https://twitter.com/JordanSchachtel/status/1519419236422197250

[Narciso]

apparently you can't point out neptunian climate change,

[henry]

apparently you can't point out neptunian climate change,

don't want to offend Uranus.

[Narciso]

I walked right into that one

[MissMarple2]

Bannon thinks Musk will pull the offer due to the “correction” in the numbers announced this morning. He is of the opinion that Twitter is not a viable business but rather a tool for information warfare. He also said that the sudden reappearance of so many posters is due to the company trying to hide their nefarious activity. He thinks musk will buy it at a much lower price and that there will be gobs of lawsuits.

[Davod]

" Does the exit ramp look more attractive to Putin now?

[Interesting]

Posted On The Energy Bulletin: 27 Apr 2022 Published By:Tom Whipple, an extract from his Washington Post article.

https://daily.energybulletin.org/2022/04/opinion-does-the-exit-ramp-look-more-attractive-to-putin-now-the-washington-post/

[MissMarple2]

Davod,

I am still of the opinion that China is manipulating things in the background.

[henry]

What exit ramp? At best the fools in DC and the EU have backed Putin into a corner which he will fight out of to the last drop of blood. At worst the have backed themselves into a corner and ceded the Pacific to China in the bargain. Already sent a third of our javelin stock to Ukraine? Raytheon can't make more because the chips come from China? Genius.

[clarice]

henry--do you see any connection to the sudden deaths of a number of rich Russians connected to Putin?

[henry]

Clarice, I don't pretend to know who is on what side in that zoo. Are the ones dying anti-Putin? His cadre? Not a clue. So no idea of how those dots connect.

Much the same on the Ukraine side. I have no idea which Ukrainians (if any) are worth supporting vs money laundering associates of the DC / Euro elites.

[Davod]

Instapundit headline -

"GRANNY-KILLER CUOMO UPDATE: High Court Rules Government Dumping COVID Patients from Hospitals to Nursing Homes Without Testing ‘Unlawful’ and ‘Irrational.’"

https://cuomo-nursing-homes-timeline.blogspot.com/2022/04/27-april-2022-high-court-rules.html

[Narciso]

it could just as well be ukrainian bratva taking them out, wrath of god type operation, or sbu, exactly where one ends and the other begins,

[Rocco]

If these Russian oligarchs invested heavily in western companies backed by US currency, would their fortunes be useless now that Russia's ruble is backed by gold? I don't know, just speculating.

[Rocco]

Russia’s Sergey Glazyev introduces the new global financial system

The Cradle: This has been an absolutely key issue in discussions by independent analysts across the west. Was the Russian Central Bank advising Russian gold producers to sell their gold in the London market to get a higher price than the Russian government or Central Bank would pay? Was there no anticipation whatsoever that the coming alternative to the U.S. dollar will have to be based largely on gold? How would you characterize what happened? How much practical damage has this inflicted on the Russian economy short-term and mid-term?

Glazyev: The monetary policy of the CBR, implemented in line with the IMF recommendations, has been devastating for the Russian economy. Combined disasters of the “freezing” of circa $400 billion of foreign exchange reserves and over a trillion dollars siphoned from the economy by oligarchs into western offshore destinations, came with the backdrop of equally disastrous policies of the CBR, which included excessively high real rates combined with a managed float of the exchange rate. We estimate this caused under-investment of circa 20 trillion rubles and under-production of circa 50 trillion rubles in goods.

https://mronline.org/2022/04/16/russias-sergey-glazyev-introduces-the-new-global-financial-system/

[matt - deplore me if you must]

If our stocks of anti-tank missiles are run down there's someone to blame at DoD. What we have supplied to Ukraine so far is really bupkis compared to our own need for such weapons. Inventories of these kinds of weapons are measured in the tens of thousands.

As to critical chips, most of that business still resides in the West. I am involved in the DoD related electronics industry infrastructure and they have a lot going on to protect our critical manufacturing base.

Where we are lacking is in the commercial sector all the way from iPhones to computers to automotive.

So Raytheon and Lockheed bleating sounds to me like more cost plus contracts for rich defense contractors. Besides, one Russian tank destroyed in Ukraine is one less to worry about in Europe.

Russia's defense industry has relied on Ukrainian component suppliers and apparently even their tractor production is now affected.

The Ukes are also apparently stepping up their attacks on Rooshian logistics networks as well. Sad panda face.

[clarice]

Maybe even revenge for grifting by their own govt.

[Davod]

"I know this is kind of out of left field, but my Russian friend tells me the Tehran subway announcements say, “Watch out, the train is leaving-in the name of Allah, Almighty and Merciful!”

P&P. "Russian friend" You are living dangerously. You wait until your post reaches the DHS speech police.

[Pinandpuller]

Just a little shoutout for all the Freemasons in the back:

Biden seeks $33 billion war chest to support Ukraine, Zelenskiy wants quick approval

https://www.reuters.com/world/biden-looks-congress-oligarchs-more-cash-help-ukraine-2022-04-28/

[Melinda]

TC-

I see a swap out with the state "special" issuance for notional value, perhaps matching coupons. Not sure til they get sued over it, and they will be.

[Rocco]

I think you're right Clarice.

[Rick Ballard]

"Maybe even revenge for grifting by their own govt."

Clarice,

Perhaps, it's certainly a less complicated solution than cumbersome judicial proceedings. I would expect more unexpected fatal occurrences involving Ministry of Defense and high ranking military if its a graft issue though. Vlad might use some nice warm bowls of polonium borscht for that problem.

[Rocco]

Does the Big Guy get 10% of that 33 billion?

[Rocco]

Russian Missiles Slam Into Kyiv As UN Chief & Bulgarian PM Visit: Reports

On Thursday Ukraine's government is alleging that a Russian cruise missile slammed into the capital of Kiev at the very moment the United Nations secretary-general and Bulgaria’s prime minister were visiting. UN chief Antonio Guterres was there meeting with President Zelensky and other top officials less than 24 hours after first meeting with President Putin in Moscow - something which he came under criticism for.

https://www.zerohedge.com/geopolitical/russian-missiles-slam-kyiv-un-chief-bulgarian-pm-visit-says-ukraine-fm

[Rocco]

President Zelensky Insulted By Biden’s Offer Of Only $33 Billion In Weapons When He Gave The Taliban $86 Billion
World

https://babylonbee.com/news/ukraine-insulted-by-bidens-offer-of-33-billion-in-weapons-when-he-gave-the-taliban-86-billion

nite all

[Neo]

Instead of 'following the science,' the CDC and FDA 'altered' Covid guidance and 'suppressed' findings while under political pressure, accoridng to a 37-page report from the Government Accountability Office (GAO), a watchdog group which spoke with two former CDC directors, four former FDA directors and 17 employees who were involved with the US pandemic response.
https://www.gao.gov/products/gao-22-104613

[Davod]

"Shhhh... I think they're looking at us"

http://ace.mu.nu/archives/bearfamilyphoto.jpg

[Davod]

He found all the Easter eggs.. 😅 (13)

https://twitter.com/i/status/1515585012917317632

[Davod]

If you already hage seen everything, here’s a skateboarding piglet..(6)

https://twitter.com/i/status/1517936385042395136

[Davod]

https://twitter.com/i/status/1519806175050665985 (11)

https://twitter.com/i/status/1519806175050665985

[Davod]

This big smile will make your day.. 😂 (9)

https://twitter.com/i/status/1518147630068649984

[Davod]

"Can you please stop and listen to what I said?" (15)

https://twitter.com/i/status/1519659621295656960

[Davod]

Walking on water..(10)

https://twitter.com/i/status/1519743631166427136

[Davod]

The timing of a panda.. 😅 (10)

https://twitter.com/i/status/1519806175050665985

[Davod]

Pandas.. they can’t survive in wild, or can they? 🤷‍♂️ (15)

https://twitter.com/i/status/1518330146901704706

[Davod]

Copy dog.. 😅 (9)

https://twitter.com/i/status/1519658393576873985

[Davod]

Watching the birds (9)

https://twitter.com/i/status/1519331844491206656

[Davod]

What kind of dog is this? 😅 (22)

https://twitter.com/i/status/1515746992772763653

[Davod]

Mommy and her babies..(38)

https://twitter.com/i/status/1512535969064435713

[Davod]

Picture perfect.. 😊 (6)

https://twitter.com/i/status/1517828530817716227

[Davod]

Pigeon rolling down.. (8)

[Weird]

https://twitter.com/i/status/1512790211549401090

[Davod]

That saving was perfect 😯 (12)

[Amazing]

https://twitter.com/i/status/1518326471109976065

[Davod]

Good question

http://ace.mu.nu/archives/good%20question.jpg