1. The total amount of outstanding bonds guaranteed pursuant to NRS 387.513 to 387.528 , inclusive, must not exceed: (a) Two hundred fifty percent of the lower of the cost or fair market value of the assets in the State Permanent School Fund; (b) A percentage of the lower of the cost or fair market value of the assets in the State Permanent School Fund specified for this purpose by section 148 of the Internal Revenue Code of 1986, 26 U.S.C. 148, or regulations adopted pursuant to that section; or (c) A percentage of the lower of the cost or fair market value of the assets in the State Permanent School Fund certified by the State Treasurer as the percentage used to determine the maximum amount of bonds that may be guaranteed pursuant to NRS 387.513 to 387.528 , inclusive, whichever is less. 2. A certification by the State Treasurer pursuant to paragraph (c) of subsection 1 shall be deemed a pledge by this state that, at the time a guarantee agreement is entered into, the total amount of bonds that are guaranteed pursuant to NRS 387.513 to 387.528 , inclusive, will not exceed the percentage certified by the State Treasurer pursuant to paragraph (c) of subsection 1.
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