Florida's Contractual Obligations to Bond Holders Block Repeal of Disney's Special Taxing...

Reedy Creek has launched their first torpedo against the Florida law dissolving their status. Per the law establishing RCID:

“In authorizing Reedy Creek to issue bonds, the Florida legislature included a remarkable statement—included in Reedy Creek’s bond offerings—regarding its own promise to bondholders: “The State of Florida pledges to the holders of any bonds issued under this Act that it will not limit or alter the rights of the District to own, acquire, construct, reconstruct, improve, maintain, operate or furnish the projects or to levy and collect the taxes, assessments, rentals, rates, fees, tolls, fares and other charges provided for herein … until all such bonds together with interest thereon, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged.””

There’s also an 1886 Supreme Court case:

“Schumer highlights the well-established case law on this issue, going as far back as a 1866 U.S. Supreme Court case, Von Hoffman v. City of Quincy, which “held that once a local government issues a bond based on an authorized taxing power, the state is contract-bound and cannot eliminate the taxing power supporting the bond.””