1. (1) In accordance with Subsection (2), on or before January 1 of each year, the authority shall determine the credit enhancement program's bond issuance limitation.

2. (2) The authority may not issue bonds for a qualifying charter school under the credit enhancement program if the total par amount outstanding under the program would exceed an amount equal to the product of:

   1. (a) 2.0;

   2. (b) an amount equal to the quotient of:

      1. (i) annual charter school enrollment; divided by
      2. (ii) annual state enrollment; and
   3. (c) the total par amount then outstanding under the school bond guarantee program established in Chapter 4, Part 8, School District Bond Guaranty.

Amended by Chapter 369, 2025 General Session