The name's Bond. Municipal bond.
But the Mouse may have one last trick up his sleeve: Reedy Creek is $1 billion to $2 billion in debt. One other perk for a corporation playing local government is the ability to raise money through tax-exempt municipal bonds. The bondholders who lent that money expected to be paid back by Reedy Creek, with its superior taxing powers, unstoppable revenue generator , and autocratic control.
on Tuesday, there are no easy answers. It’s supposed to fall to the two counties that share custody of Disney World, but neither county is ready to put a half-billion dollars on its balance sheet. One county executive said it would be “catastrophic for our budget” to pay for public safety at Disney World.
It’s a peculiar situation, but one with a long history in the United States. To what extent should the promises made in municipal bond contracts stop lawmakers from changing things about those jurisdictions later on? “It’s an unbelievably complicated legal question,” observed David Schleicher, a law professor at Yale who studies local government. On the one hand, states aren’t allowed to impair contracts. On the other, states are supposed to have total control over cities.
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