The board of county commissioners of any county having a population of not more than two thousand may establish a bond guarantee fund as provided in this section. The bond guarantee fund may be used to guarantee the indebtedness of nonprofit corporations organized for the purpose of constructing and operating nursing homes and related health care facilities located in this state. The nursing home or related health care facilities need not be located within the boundaries of the county establishing the bond guarantee fund. The board of county commissioners shall establish the terms and conditions of any agreements entered under this section. The funds used to guarantee a project under this section must be deposited in a federally insured account in such amounts as are determined necessary to guarantee the indebtedness of the nonprofit corporation incurred for the purposes authorized under this section. Nothing in this section is to be construed as creating an indebtedness of the county or the state or as incurring any liability on the county or the state, except the liability payable solely from the assets of the bond guarantee fund.
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