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Ron DeSantis' Disney Revenge Could Cost Florida Residents $1 Billion
In Texas, when a city incorporates unincorporated territory, the city assumes and discharges the MUD municipal utility district debt. This is the same concept
Link to tweet
Residents of two Florida counties could end up footing the bill if the state abolishes a special district that has allowed the Walt Disney Company to operate its own local government.....
Farmer, who sponsored the bill, discussed the potential impact on Orange and Osceola counties' residents, saying the population would amount to around 1.75 million people.
"The debt service alone for Reedy Creek is over $1 billion," Farmer said. "This bill makes no provision as to how that debt service is going to be assumed."
The Democrat pointed to another law that said that local government entities would have to pick up the debt of special districts that are dissolved.
The Reedy Creek Improvement District has a long-term bonded debt of $977,215,801, according to its 2021 annual financial report.....
"So this is not supposition, this is not conjecture, this is Florida law that says those 1.7 million people are going to have to pick up this bill," Farmer said, adding that the $1 billion figure doesn't include other items covered by the district, citing fire fighter services and parking garages, among other services.
"All totaled, we're probably talking about $1.5 to $2 billion of obligation - of liabilities," Farmer said.
He went to say that "the debt service alone would amount to $580 per person."
Farmer, who sponsored the bill, discussed the potential impact on Orange and Osceola counties' residents, saying the population would amount to around 1.75 million people.
"The debt service alone for Reedy Creek is over $1 billion," Farmer said. "This bill makes no provision as to how that debt service is going to be assumed."
The Democrat pointed to another law that said that local government entities would have to pick up the debt of special districts that are dissolved.
The Reedy Creek Improvement District has a long-term bonded debt of $977,215,801, according to its 2021 annual financial report.....
"So this is not supposition, this is not conjecture, this is Florida law that says those 1.7 million people are going to have to pick up this bill," Farmer said, adding that the $1 billion figure doesn't include other items covered by the district, citing fire fighter services and parking garages, among other services.
"All totaled, we're probably talking about $1.5 to $2 billion of obligation - of liabilities," Farmer said.
He went to say that "the debt service alone would amount to $580 per person."
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