Florida

Walt Disney Co., embroiled in a high-profile fight with Florida Governor Ron DeSantis, is closing a luxury hotel at Walt Disney World and dropping plans to relocate 2,000 California employees to a new corporate campus it was building in the state.

Brightline's luxury train in Florida accounts for half of the Nuveen High Yield Municipal Bond Fund's top 10 positions.

Panelists at the National Federation of Municipal Analysts discussed their experiences dealing with resiliency in the face of budgetary and environmental problems.

The staying power of these laws will depend on a number of factors, including the willingness of states to accept increased borrowing costs or whether to utilize the laws' existing exceptions to obtain a more economically advantageous deal.

"This recent escalation of the Disney-DeSantis fight is unnerving, but it doesn't make that fight any more consequential for the municipal market," said Justin Marlowe of the University of Chicago.

"When the rating agencies developed and rolled out their ESG scores, they said their ESG scores would not impact an issuer's credit rating. We are holding them to their word," said Ben Watkins, director of the state Division of Bond Finance.

The state Senate on Tuesday gave a green light to the general appropriations act, which now goes into a constitutionally required 72-hour cooling off period before a Friday vote.

The Jacksonville office is the firm's first in Florida and 28th location in the United States.

Walt Disney Co. sued Florida Gov. Ron DeSantis, alleging he's threatening billions of dollars in business as retaliation for the company speaking against his policies.

The Florida Legislature has passed a law that bans the issuance of municipal bonds, such as green bonds that use environmental, social or governance criteria. The bill now heads to Gov. Ron DeSantis for his signature.

"Florida may have the statutory authority to abrogate an agreement, but  what does that say for things going forward?" asks Joseph Krist, publisher of Muni Credit News. "Why couldn't an anti-development administration do the same thing in reverse to somewhere like the Villages?"

The collapse of the cryptocurrency exchange platform FTX had prompted the county and the team to look for a new partner for the 19,600-seat arena.

In fiscal 2021, 27,004 jobs were created in Florida alone through space agency spending, according to the space agency's calculations.

Walt Disney Co. limited the powers of the municipal authority that governs its Florida theme parks ahead of a takeover by allies of Gov. Ron DeSantis.

The bill would create a state investment fund and establish a debt reduction program to be administered by the Division of Bond Finance.

"Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security," said Gov. Ron DeSantis.

Thirty brokerage firms overcharged for the Santa Rosa bridge bonds after relying on data vendors who provided incorrect factors to determine the price.

So far 12 states have enacted ESG statutes with 67 pending statues in 28 states, according to the Morgan Lewis law firm. Florida's anti-ESG bill goes farthest.

Fitch said revenues improved significantly in fiscal 2022, more than doubling the prior fiscal year total and exceeding the pre-pandemic peak recorded in fiscal 2018.

Fitch said the action "reflects the recent enactment of legislation clarifying the future operational profile of the district," formerly controlled by Disney.