Section 12.135 - Designation As Charter District for Purposes of Bond Guarantee(a) On the application of the charter holder, the commissioner may grant designation as a charter district to an open-enrollment charter school that meets financial standards adopted by the commissioner. The financial standards must require an open-enrollment charter school to have an investment grade credit rating as specified by Section 45.0541.(b) A charter district may apply for bonds issued under Chapter 53 for the open-enrollment charter school, including refunding and refinanced bonds, to be guaranteed by the permanent school fund as provided by Chapter 45.Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 280,Sec. 1, eff. 9/1/2013.Added by Acts 2011, 82nd Leg., 1st C.S., Ch. 4, Sec. 59.01, eff. 9/28/2011. See Acts 2013, 83rd Leg. - Regular Session, ch. 280, Sec. 4.