DALLAS — In the wake of a favorable Internal Revenue Service ruling in December, the Texas Board of Education last week began the process of reopening and possibly doubling the bond-backing capacity of the Permanent School Fund.

The board on Friday discussed a new rule that allows the PSF to guarantee school bonds in an amount up to five times the fund’s $24 billion value. Until the IRS ruling, the fund could only back 2.5 times its value.

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