Sirwalterraleigh
Premium Member
It’s gonna be #1…I think it's a very sound argument and - based on the Bloomberg article that was posted here yesterday by another user - is indisputable based on FL and federal law. The government can't break a contract just because they feel like it. So it seems like the options just from that are:
1. Leave RCID as it is.
2. Leave RCID in place until the last bond is paid off.
3. Try to end RCID before the bonds are paid off, but that can't happen until 2029 at the earliest because there's a bond maturing that year that has a clause preventing early payoff. This option would also end up angering people across the country who own RCID bonds since paying off the other bonds early takes away a source of tax-free earnings for the bondholders. It would also dump a huge lump sum burden on the counties as they would have to pay off the remaining balances on all outstanding bonds in 2029 upon dissolution of RCID.
And even if options 2 & 3 are possible under the law as it applies to the bonds, that still ignores the other legal arguments for preventing the dissolution such as the requirement that the RCID voters approve the dissolution and the obvious 1st Amendment argument.
Because it’s what everyone ultimately wants.