To be eligible for approval by the commissioner, charter district bonds must:

1. (1) without the guarantee, be rated as investment grade by a nationally recognized investment rating firm; and
2. (2) be issued under Chapter 53.

Added by Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1), Sec. 59.06, eff. September 28, 2011.