Florida Governor Ron DeSantis rejects the idea that Florida will have to pay off Disney’s debts if the state wants to dissolve the company’s special tax district. During a Fox News town hall on Thursday, DeSantis maintained that Disney will handle its own debts.
Disney told investors last week that business will continue as normal because, despite the recent Florida state law abolishing its special tax district by 2023, the state can’t actually proceed with its plan unless it also covers all outstanding debts to bond holders in the district, including interest payments.
According to Disney, under the terms of the 1967 law that established the district, “Unless otherwise provided by law, the dissolution of a special district government shall transfer title to all of its property to the local general purpose government, which shall also assume all indebtedness of the preexisting special district.”