(a) An electing company may not increase the per minute rates for switched access services on a combined originating and terminating basis above the lesser of:
(1) the rates for switched access services charged by that electing company on September 1, 1999, as may be further reduced on implementation of the universal service fund under Chapter 56; or
(2) the applicable rate described by Section 58.301 as may be further reduced on implementation of the universal service fund under Chapter 56.
(b) Notwithstanding Subchapter F, Chapter 60, but subject to Section 60.001, an electing company may, on its own initiative, decrease a rate charged for switched access service to any amount above the long run incremental cost of the service.