News Reedy Creek Improvement District and the Central Florida Tourism Oversight District

[LAKid53]

No Floridian pays income taxes.

Individuals don't, but corporations do.

 

[LAKid53]

You are being pedantic

No, he's making a valid point. Who would get sued in the situation of a default on the municipal bonds and the insurer pays out? The state will claim sovereign immunity. If RCID is legislated out of existence, there's no entity left.

Provided there IS an insurer.... government is self-insured, i.e., has the power to tax. And any state ordered compensation via the courts will need Legislature approval beyond a statutory maximum. And I can guarantee members of the Legislature know this.

RCID won't "go away". It will be restructured in some form which will be determined by whatever legislation the Legislature passes in the upcoming 2023 session. Committees are due to return to Tallahassee soon to start discussing bills. And the governor's proposed budget is due at the end of the year.

 

[LAKid53]

Saying the sky will fall and everyone will get stuck with the bill is just as pointless. The bond holders will be paid, who will pay is immaterial. The doom scenarios are out in left field

Who will be responsible for paying the bonds IS important, especially for us property tax payers in Orange County. Oh, and every single Florida resident.

 

[LAKid53]

The Prince has spoken. Guess im definitely wrong backed with zero evidence

Unless you've had a post deleted or modified, you have no clue what the mods may have done to clean up a thread. Kinda hard to present evidence when said evidence has gone poof. Which someone would know if they been lurking on this forum since the beginning...which was 1996.

Recommend you review Rule #10

 

[LAKid53]

The Financial Times is reporting the following:

Florida lawmakers are working on plans to reverse a move that would strip Disney of its right to operate a private government around its theme parks, potentially resolving the fallout from the “Don’t Say Gay” controversy that dragged the entertainment giant into the culture wars.​

​

...​

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[Linda Stewart, a Democratic state senator,] said a potential compromise under discussion would bar Disney from building a nuclear power plant or an airport on the property, rights granted to the company by Florida in 1967 that it is unlikely to use.​

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More significantly for DeSantis, there is also discussion of allowing the governor to appoint two members to the Reedy Creek board. “These compromises can be done with the least amount of impact,” Stewart said.​

Someone in Tallahassee just realized that to dissolve RCID wouldn't be a good thing...

 

[LAKid53]

The issuer is not going away, in the event of default the insurer would pay in the issuers name

You do know governments are self-insured....

 

[Fido Chuckwagon]

Curtailing the District in real ways is not a real win.

Nuclear power is allowed in Florida. The District already has offsite power generating facilities. Not allowing the District to engage in nuclear power means that even in the future they can’t do something like buy into a reactor at one of the existing private nuclear power plants in the state. Just because it seems a long shot and isn’t in the plan now, the District being the sole utility provider not allowed to do something that may be favored by the state is a loss.

A number of companies are working on a variety of flying taxi like vehicles and services. Not being able to even consider again offering something like the STOLport is a loss.

Having to pay people who don’t really do anything and are not necessary for the process, is an ongoing financial loss, even if small.

What is being discussed is not a real win for Disney, it is a real material loss. Just repeatedly demanding it be called a win and a compromise does not mean these plans actually meet that criteria.

Lol, WDW can’t even be bothered to operate parking trams, but sure, maybe some day they’ll decide to use flying taxis.

 

[JoeCamel]

You do know governments are self-insured....

Bond issued by government are not self insured, no one would buy one. How many defaulted bonds have you held? I have had several, love them

"RCID won't "go away". It will be restructured in some form which will be determined by whatever legislation the Legislature passes in the upcoming 2023 session. Committees are due to return to Tallahassee soon to start discussing bills. And the governor's proposed budget is due at the end of the year.'
66666
This;

 

[LSLS]

Disney willing to concede that they will not build a nuclear power plant or airport on property is a strong indication that current corporate leadership has no intensions of undertake either of these costly endeavors for the foreseeable future.

Beyond the regulatory hurdles, future WDW vacationers might be turned off by a nearby nuclear power plant or the constant drone of aircraft overhead. I suspect Disney's corporate leadership understands this.

Has Disney said they would concede that? I see state legislatures saying that, and people suggesting they might. I just can't imagine the precedent they set themselves up for if they concede anything to this.

 

[Kamikaze]

To say he stands by what he said in February when he was not in the and the company with that.

To say he is aware that just as many people that work for him don't feel the same.aboit what he said in February.

Anything other than the vague.

When he wasn't with the company he's only representing his personal views. Now he has to represent both, so his responses have to be more measured. It doesn't mean he changed anything. He even said the opposite - that what people label as 'political' sometimes isn't - meaning this isn't actually a political issue despite what is being spun. Its a moral one.

 

[LAKid53]

Disney willing to concede that they will not build a nuclear power plant or airport on property is a strong indication that current corporate leadership has no intensions of undertake either of these costly endeavors for the foreseeable future.

Beyond the regulatory hurdles, future WDW vacationers might be turned off by a nearby nuclear power plant or the constant drone of aircraft overhead. I suspect Disney's corporate leadership understands this.

I don't think even FPL is considering building another nuclear power plant.

Bond issued by government are not self insured, no one would buy one. How many defaulted bonds have you held? I have had several, love them

"RCID won't "go away". It will be restructured in some form which will be determined by whatever legislation the Legislature passes in the upcoming 2023 session. Committees are due to return to Tallahassee soon to start discussing bills. And the governor's proposed budget is due at the end of the year.'
66666
This;

I worked on the issuance of $250M in bonds for DEP. Those bonds were insured by the state's taxing authority.

 

[JoeCamel]

I worked on the issuance of $250M in bonds for DEP. Those bonds were insured by the state's taxing authority.

Are these bonds? Have you checked the underwriting?

 

[LAKid53]

Are these bonds? Have you checked the underwriting?

Yes, they were bonds. And as ALL state bonds, they were handled through the Division of Bond Finance.

 

[JoeCamel]

Yes, they were bonds. And as ALL state bonds, they were handled through the Division of Bond Finance.

Did you read the Fitch warning? They are not concerned and I think they can be considered the pro here

https://www.fitchratings.com/research/us-public-finance/fitch-maintains-reedy-creek-fl-a-utility-rev-bonds-on-rating-watch-negative-09-05-2022

 

[The Mom]

The Prince has spoken. Guess im definitely wrong backed with zero evidence

You are definitely in the wrong place for your needs, so you'll just have to find another place to post. Good-bye.

 

[LAKid53]

Did you read the Fitch warning? They are not concerned and I think they can be considered the pro here

https://www.fitchratings.com/research/us-public-finance/fitch-maintains-reedy-creek-fl-a-utility-rev-bonds-on-rating-watch-negative-09-05-2022

Did I say the bonds were in danger of default? No.

 

[lazyboy97o]

Disney willing to concede that they will not build a nuclear power plant or airport on property is a strong indication that current corporate leadership has no intensions of undertake either of these costly endeavors for the foreseeable future.

Beyond the regulatory hurdles, future WDW vacationers might be turned off by a nearby nuclear power plant or the constant drone of aircraft overhead. I suspect Disney's corporate leadership understands this.

Current leadership’s position is not really relevant. As far as I’m aware, TECO isn’t pursuing nuclear power but I doubt we’d be saying how it makes sense to prevent them, and only them, from ever engaging in it. How it is not really a loss because they’re not pursuing it right now?

Reedy Creek Improvement District already owns facilities located outside of the district. It’s latest solar power generating facilities are located outside the District. Preventing the District from utilizing nuclear doesn’t just prevent them from building a plant at Walt Disney World. It would mean they could not invest in new or existing reactors located elsewhere such as the two existing nuclear power plants in the state. Why should a valid, state regulated utility be prevented from making investments open to all other state regulated utilities? What they are interested in doing right now is immaterial, regulations, restrictions and limitations should be applied uniformly.

All of the same applies to an airport. Many airports exist outside the political boundaries of their controlling municipality. Hartsfield spans multiple jurisdictions, most of which are not Atlanta.

 

[LAKid53]

Current leadership’s position is not really relevant. As far as I’m aware, TECO isn’t pursuing nuclear power but I doubt we’d be saying how it makes sense to prevent them, and only them, from ever engaging in it. How it is not really a loss because they’re not pursuing it right now?

Reedy Creek Improvement District already owns facilities located outside of the district. It’s latest a solar power generating facilities are located outside the District. Preventing the District from utilizing nuclear doesn’t just prevent them from building a plant at Walt Disney World. It would mean they could not invest in new or existing reactors located elsewhere such as the two existing nuclear power plants in the state. Why should a valid, state regulated utility be prevented from making investments open to all other state regulated utilities? What they are interested in doing right now is immaterial, regulations, restrictions and limitations should be applied uniformly.

Are you sure the solar farm along 429 is outside RCID? I'm right across 429 from WDW, just outside the border of Reedy Creek. As I drive on Herzog towards Western Way, at the big bend in the road the sign says "entering RCID".

 

[JoeCamel]

Did I say the bonds were in danger of default? No.

The district will have the same land, the same utility use the same road requirements no matter who runs it. The ability of area to repay the bonds that were issued for the area is not diminished. Not my word but Fitch's. Yes the bonds will be paid and the revenue from the taxing in the district will be used to repay them.
All this concern about massive debt being due from the citizens of the county and the state don't amount to much if the bonds are not going to default and the underlying ability to pay them does not change.
All that changes is who collects the tax/fees and who writes the check to the bondholders.

 

[Tom P.]

More news outlets are reporting that a deal to essentially walk back the legislature's previous actions and leave RCID with only minor changes is in the works.

Florida may reverse decision on Disneyâs Reedy Creek District: report

Florida lawmakers are working on a plan that could resolve the conflict that developed between Gov. DeSantis and the Walt Disney Company.

www.foxbusiness.com