Sec. 45.303. LIMITATION ON PARTICIPATION; MINIMUM REQUIREMENTS FOR DEBT SERVICE RESERVE. In adopting rules under Section 45.302, the commissioner may:
(1) limit participation in the program to charter holders who hold charters for open-enrollment charter schools that meet standards established by the commissioner, including standards for financial stability, compliance with applicable state and federal program requirements, and student academic performance; and
(2) impose minimum requirements for a debt service reserve to secure repayment of obligations for which credit enhancement is provided under this subchapter.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
Structure Texas Statutes
Subtitle I - School Finance and Fiscal Management
Chapter 45 - School District Funds
Subchapter J. Open-Enrollment Charter School Facilities Credit Enhancement Program
Section 45.302. Establishment of Program
Section 45.303. Limitation on Participation; Minimum Requirements for Debt Service Reserve
Section 45.304. Allocation of Portion of Foundation School Program Funds for Credit Enhancement
Section 45.305. Private Matching Funds Required; Use of Other State Funds
Section 45.306. Repayment; Lien