Sec. 12.135.  DESIGNATION AS CHARTER DISTRICT FOR PURPOSES OF BOND GUARANTEE.  (a)  On the application of the charter holder, the commissioner may grant designation as a charter district to an open-enrollment charter school that meets financial standards adopted by the commissioner.  The financial standards must require an open-enrollment charter school to have an investment grade credit rating as specified by Section 45.0541.
(b)  A charter district may apply for bonds issued under Chapter 53 for the open-enrollment charter school, including refunding and refinanced bonds, to be guaranteed by the permanent school fund as provided by Chapter 45.
Added by Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1), Sec. 59.01, eff. September 28, 2011.
Amended by: 
Acts 2013, 83rd Leg., R.S., Ch. 280 (H.B. 885), Sec. 1, eff. September 1, 2013.