1. Before making any investment in the bonds and other securities designated in NRS 355.140 , the State Board of Finance, or other board, commission or agency of the State contemplating the making of any such investments shall make due and diligent inquiry as to: (a) Whether the bonds of such federal agencies are actually underwritten or payment thereof is guaranteed by the United States. (b) The financial standing and responsibility of the state or states, county or counties, incorporated cities, irrigation districts, drainage districts, school districts, and general improvement districts in the bonds or securities of which such investments are contemplated or are to be made. (c) Whether such bonds and other securities are valid and duly authorized and issued, and the proceedings incident thereto have been fully complied with. (d) The financial standing and responsibility of the person or persons, company or companies, corporation or corporations to whom or to which such loans are contemplated. (e) The value of the lands so mortgaged. 2. Such commission, board or other state agency shall require the Attorney General: (a) To give his or her legal opinion in writing as to: (1) The validity of any laws under which such bonds or securities are issued and authorized and in which such investments are contemplated. (2) The validity of such bonds or other securities. (b) To examine and pass upon and to give his or her official opinion in writing upon the title and abstract of title or title insurance of all agricultural lands so mortgaged to secure such loans. 3. Unless such commission, board or other state agency is satisfied from such inquiry and opinion that the bonds of such federal agencies are underwritten or payment thereof guaranteed by the United States and of the financial standing and responsibility of the state, county, incorporated city or district issuing such bonds, then such commission, board or other state agency shall not invest such funds therein, but if satisfied, such commission, board or other state agency may, at its option, so invest such funds in such bonds.
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