by Karl Denninger, Market Ticker:
It turns out the “outgoing” Reedy Creek district, knowing they were being removed by the Florida Legislature and Governor, entered into extremely long contracts with modification clauses that are effectively perpetual, thus nullifying in large part the legislation.
Anyone who believes DeSantis and the Legislature did not know this was likely (or was even in process) has rocks in their head.
Putting a defensive clause in legislation where this sort of action is likely is not only Constitutional it is standard. Indeed the same shows up in contracts all the time; it is commonly known as a “stand still” clause. That is, the parties agree that they will continue as if the engagement had not occurred in the ordinary course of business, and if they don’t the party that doesn’t is subject to having their decisions reversed or the deal walked away from.