(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) 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: (a) 1.3; (b) an amount equal to the quotient of: (i) annual charter school enrollment; divided by (ii) annual state enrollment; and (c) the total par amount then outstanding under the school bond guarantee program established in Chapter 4, Part 8, School District Bond Guaranty.
(a) 1.3;
(b) an amount equal to the quotient of: (i) annual charter school enrollment; divided by (ii) annual state enrollment; and
(i) annual charter school enrollment; divided by
(ii) annual state enrollment; and
(c) the total par amount then outstanding under the school bond guarantee program established in Chapter 4, Part 8, School District Bond Guaranty.
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