What Happens to Bonds From Reddy Creek?

Disney has a billion dollars of bonds outstanding from reddy creek. If reddy creek disappears, what happens to those bonds? Under most readings of florida law, they get basically absorbed into the debt of the local counties. The local counties have no ability to absorb that debt. Disney taxes itself at a very high rate so that it gets to have super high quality intrestructure. Everyone else in florida is like, we like low taxes. And so this is going to be a problem for them.