1. The State Treasurer may enter into a guarantee agreement if: (a) 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; (b) Except as otherwise provided in subsection 2, the State Board of Finance approves the report submitted by the Executive Director; and (c) 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 . 2. The requirement that the State Board of Finance approve the report submitted by the Executive Director set forth in paragraph (b) of subsection 1 does not apply if: (a) The bonds proposed to be guaranteed are being issued solely to refund bonds that are guaranteed pursuant to NRS 387.513 to 387.528 , inclusive; and (b) The total principal and interest due in any year on the bonds proposed to be guaranteed does not exceed the total principal and interest due in that year on the bonds being refunded.
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