At or prior to the sale by the division, all obligations proposed to be issued by the division shall be approved by the State Board of Administration as to fiscal sufficiency. The State Board of Administration shall look to the rate coverage of all pool pledged revenues, as projected by the Department of Management Services, with respect to all proposed and outstanding obligations issued under this act:
(1) One hundred and ten percent of debt service charges; plus
(2) One hundred percent of capital depreciation reserved deposits, if any; plus
(3) One hundred percent of costs of operation and maintenance.With respect to variable rate obligations, such evaluation shall be made at the interest rate for the date of sale determined as provided in s. 255.519.