(a) All bonds approved by the commission shall be deemed fixed rate unless the commission order specifically provides otherwise.
(b) The commission will consider variable rate, variable rate demand, or other bonds on which the interest rate is not permanently fixed on the date of sale only for districts that have a ratio of assessed valuation to debt of at least 20 to 1. A district proposing to issue bonds other than with fixed rates shall submit:
  (1) a plan of financing specifying all major terms of the plan;
  (2) calculations prepared by the district's financial advisor showing tax rate required under the maximum interest rate allowed under the plan; and
  (3) a resolution of the board of directors acknowledging the tax rate required under the maximum interest rate allowed under the finance plan and the district's willingness to levy such a tax if required.
(c) All bonds must be sold in compliance with the applicable statutes relating to public notice and competitive bids.

Source Note: The provisions of this §293.58 adopted to be effective September 5, 1986, 11 TexReg 3736.