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Started By
Message
re: FL taxpayers to absorb over 1 billion in bond obligations due to Disney exemption repeal
Posted on 4/22/22 at 3:29 pm to Abstract Queso Dip
Posted on 4/22/22 at 3:29 pm to Abstract Queso Dip
Instead of being a hyperbolic bleeding vagina, why don’t you address imjustafatkid’s post?
You seem to know what you’re talking about, so refute his post point by point.
You seem to know what you’re talking about, so refute his post point by point.
2
Posted on 4/22/22 at 3:32 pm to Abstract Queso Dip
Anyone wants to read the prospectus on the 2016 outstanding bonds
Go to emma.msrb.org
CUSIP: 758449QW5 should get you there.
There are quite a few more outstanding bonds for the district as well. Don't have the time to look into the sinking fund but that could help bondholders.
Again assuming the county absorbs the debt they might be able to refinance but that's gonna come at a higher rate.
Have a good day.
Go to emma.msrb.org
CUSIP: 758449QW5 should get you there.
There are quite a few more outstanding bonds for the district as well. Don't have the time to look into the sinking fund but that could help bondholders.
Again assuming the county absorbs the debt they might be able to refinance but that's gonna come at a higher rate.
Have a good day.
Posted on 4/22/22 at 3:34 pm to Centinel
quote:
If this isn’t happening, why the massive pushback from progressives?
The signal that conservatives are now willing to use the power of the state against those they view as political enemies. Being progressives are their political enemies and all, I think it explains the pushback.
And they realize DeSantis is going to be the next President barring something wild happening.
Of course, I expect Disney and the State of Florida to work something out before then. Probably after DeSantis is reelected Gov in the fall. Since it is probably in everyone's best interest to keep something going that generally works.
Posted on 4/22/22 at 3:35 pm to Centinel
I'm addressing the issue specifically the bond issue. How it affects the holders and the local community.
I DGAF about anything else. There are a shitload of wealthy people that hold these bonds all over the country that are gonna be pissed off.
I don't seem to know what I'm talking about. I know wtf I'm talking about.
I DGAF about anything else. There are a shitload of wealthy people that hold these bonds all over the country that are gonna be pissed off.
I don't seem to know what I'm talking about. I know wtf I'm talking about.
This post was edited on 4/22/22 at 3:36 pm
Posted on 4/22/22 at 3:42 pm to Abstract Queso Dip
quote:
I know wtf I'm talking about.
Then explain why he’s wrong. He explained how the bonds would be paid.
This post was edited on 4/22/22 at 3:44 pm
Posted on 4/22/22 at 4:13 pm to lsupride87
All I know is this:
If every person in the media “collectively sings” how bad this deal is for the average Florida resident….
It must be exactly the opposite and Disney is getting screwed.
This issue has to be complex to unravel. Good and bad for both sides in many aspects.
But all we are hearing is “sky scream” for the poor residents of that county in Florida.
Therefore: good job Desantis.
If every person in the media “collectively sings” how bad this deal is for the average Florida resident….
It must be exactly the opposite and Disney is getting screwed.
This issue has to be complex to unravel. Good and bad for both sides in many aspects.
But all we are hearing is “sky scream” for the poor residents of that county in Florida.
Therefore: good job Desantis.
Posted on 4/22/22 at 4:15 pm to Duke
quote:
The signal that conservatives are now willing to use the power of the state against those they view as political enemies. Being progressives are their political enemies and all, I think it explains the pushback.
Oh so they arent cool with a level playing field or eye for an eye? Gotcha
Posted on 4/22/22 at 4:21 pm to Duke
Progressives are the enemy of freedom.
Posted on 4/22/22 at 4:25 pm to Centinel
It creates a problem that doesn't exist and forces difficult decisions that will effect 2 counties.
From what I am looking at the county general rate is 4.5 mills and reedy creek district is 13.5... the highest in orange county. The county absorbs the bonds. Rates for businesses in the district decrease to 4.5 The county is going to have to cover the bond payments. It's going to drastically increase their obligations. The BOD will have to tackle this by raising millage rates. Any new debt issuance of the county will likely have a worse credit rating. Also In an increasing rate environment any new debt for improvements will come at a higher cost due to the absorbed obligations, a lower credit rating will likely be the result of this further causing increasing budget costs and hurting future growth. They should be fine but I'm not happy when my tax rates increase and less service is provided.
That's not even getting into the rising costs of everything in the cities budget due to macro economic environment. Things such as fixing roads, paying city employees etc etc.
These bonds are likely a steal later in the year. I fully expect everything to be fine just sucks for locals because all the new obligations.
From what I am looking at the county general rate is 4.5 mills and reedy creek district is 13.5... the highest in orange county. The county absorbs the bonds. Rates for businesses in the district decrease to 4.5 The county is going to have to cover the bond payments. It's going to drastically increase their obligations. The BOD will have to tackle this by raising millage rates. Any new debt issuance of the county will likely have a worse credit rating. Also In an increasing rate environment any new debt for improvements will come at a higher cost due to the absorbed obligations, a lower credit rating will likely be the result of this further causing increasing budget costs and hurting future growth. They should be fine but I'm not happy when my tax rates increase and less service is provided.
That's not even getting into the rising costs of everything in the cities budget due to macro economic environment. Things such as fixing roads, paying city employees etc etc.
These bonds are likely a steal later in the year. I fully expect everything to be fine just sucks for locals because all the new obligations.
This post was edited on 4/22/22 at 4:29 pm
Posted on 4/22/22 at 4:28 pm to lsupride87
Frick you Groomer!
Posted on 4/22/22 at 4:53 pm to Abstract Queso Dip
You didn’t address a single point of fatkid’s response.
Try again.
Try again.
Posted on 4/22/22 at 5:10 pm to Centinel
They bonds become the obligation of the county. Currently the district pays 13 mills. They will no longer pay that because they are now part of the county only. An increase of 2 billion on the liabilities side of with no adjusted increase in revenue for the city.
4.5 mills goes to the debt service of those bonds. 8 percent to operating costs. The county is now on the hook for the public service costs and the higher debt obligations
I dunno why you can't understand this.
4.5 mills goes to the debt service of those bonds. 8 percent to operating costs. The county is now on the hook for the public service costs and the higher debt obligations
I dunno why you can't understand this.
Posted on 4/22/22 at 6:03 pm to The Spleen
quote:
“Obamacare” is no where in the ACA bill, but nobody loses their mind when it’s called that.
I do. The irony in the naming of these massive shitty acts should be front and center. No nicknames, monikers, etc.
Patriot
Affordable Care
Insert your act here
Posted on 4/22/22 at 6:07 pm to Duke
quote:
The signal that conservatives are now willing to use the power of the state against those
After Obama's reign of terror, what do you expect? There is no other way when the deck gets stacked as it is.
I love it when Dems get all pissed when Republicans use their own tactics
I'm just laughing my arse off at these newly pontificated Democrats who want to protect the sanctity of BigCorp all of a sudden.
This post was edited on 4/22/22 at 6:08 pm
Posted on 4/22/22 at 6:16 pm to Abstract Queso Dip
quote:
They bonds become the obligation of the county. Currently the district pays 13 mills. They will no longer pay that because they are now part of the county only. An increase of 2 billion on the liabilities side of with no adjusted increase in revenue for the city.
Where was the revenue that was paying the bonds coming from before the bill passed?
Posted on 4/22/22 at 7:18 pm to junkfunky
Special district tax of 13 mills on ad valorem. Ad valorem taxes are property taxes.
The 4.5 mills is specifically dedicated to bond service.
I don't feel like doing the actual math... But it is pretty easy to understand that the county's debt service coverage is about to decrease. This will decrease Disney's tax burden. It actually helps them along with shareholders and several other businesses within the district.
The 4.5 mills is specifically dedicated to bond service.
I don't feel like doing the actual math... But it is pretty easy to understand that the county's debt service coverage is about to decrease. This will decrease Disney's tax burden. It actually helps them along with shareholders and several other businesses within the district.
Posted on 4/22/22 at 7:22 pm to Abstract Queso Dip
The best way for me to explain it goes like this.
Texas absorbs peurto Rico and all their debt and crappy tax base. It doesn't benefit Texas because Puerto Rico is upside down on their bonds. it provides no benefit to the current tax payers in Texas.
Texas absorbs peurto Rico and all their debt and crappy tax base. It doesn't benefit Texas because Puerto Rico is upside down on their bonds. it provides no benefit to the current tax payers in Texas.
Posted on 4/22/22 at 7:22 pm to lsupride87
I’m old enough to remember when Democrats railed against the evils of “corporate welfare”. Now that someone finally does something about it, Democrats suddenly love corporate welfare.
The only thing that is consistent about Democrats is their absolute lack of consistency.
The only thing that is consistent about Democrats is their absolute lack of consistency.
Posted on 4/22/22 at 7:26 pm to Darth_Vader
Wut? Removing the special district is corporate welfare because it reduces their property taxes
Posted on 4/22/22 at 7:36 pm to Abstract Queso Dip
quote:
The signal that conservatives are now willing to use the power of the state against those they view as political enemies. Being progressives are their political enemies and all, I think it explains the pushback.
Well it’s about damn time. This is the entire sentiment that makes Trump popular. He fights the way they do. Good.
And trying to tell me that this won’t hurt Disney in the long run is just you telling part of the story.
Ask yourself, why did they want it in the first place?
Why are they fighting against losing it now?
Disney isn’t scared of the direct aftermath. They are worried about the loss of power over themselves in the following years and what voters might do.
Don’t know how it plays out for him, but DeSantis is swinging with corporate world elites now.
This post was edited on 4/22/22 at 7:38 pm
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