The State Treasurer may enter into a guarantee agreement if:
1. The report submitted by the Executive Director indicates that a school district has the ability to make timely payments on the debt service of the bonds;
2. The State Board of Finance approves the report submitted by the Executive Director; and
3. The State Treasurer has determined that the amount of bonds to be guaranteed under the agreement, in addition to the total amount of outstanding bonds guaranteed pursuant to NRS 387.513 to 387.528, inclusive, does not exceed the limitation established by subsection 1 of NRS 387.522.
(Added to NRS by 1997, 2707; A 1999, 599)