(a) If the State Treasurer determines that the state should not guarantee the school bonds of a school district, the State Treasurer shall:
Prepare a determination of ineligibility; and
Keep the determination on file in the office of the State Treasurer.
The State Treasurer may remove a school district from the status of ineligibility and may issue a certificate of qualification for that school district when a subsequent application of the school district evidences that it is no longer imprudent for the state to guarantee the school bonds of that school district.
Nothing in this section affects the state guaranty of school bonds of a school district issued:
Before determination of ineligibility or before revocation of a certification of qualification;
After the eligibility of the school district is restored; or