March 18, 2012
1) Current spreadsheet showing the use and depletion of reserve funds paying bonds 2008A, 2008B, 2008C
2) Testimony before Orlando City Council of Monday March 12 of Rebeccah Sutton Chief Financial Officer City of Orlando
Summary:
Orlando is under no legal obligation to make these payments. There is also no obligation on the part of the structures themselves as part of the debt. This has been unknown to both the city council itself and therefore to many bondholders. There is also a side issue that pensions of the entities (Orlando) themselves are used to "prime the pump" of these bond sales. That is not divulged until after the default.