The district may not issue bonds until:
(1) the district submits to the Texas Commission on Environmental Quality:
(A) an engineer’s report describing the project for which the bonds will provide funding, including data, profiles, maps, plans, and specifications related to the project; and
(B) a cash flow analysis to determine the projected rate of assessment, which includes the following assumptions:
(i) each ending balance for debt service in the analysis is not less than 25 percent of the following year‘s debt service requirement;
(ii) interest income is only shown on the ending balance for debt service for the first two years; and
(iii) the projected rate of assessment is level or decreasing for the life of the bonds issued by the district;
(2) the completion of at least 75 percent of the projected value of the improvements, including houses and other buildings, that are liable for district assessments and necessary to support the district bonds; and
(3) the district has obtained an independent market study from a firm recognized in the area of real estate market analysis supporting the development projects for the real property that is liable for district assessments and necessary to support the district bonds.