Upon determining that a school district is eligible to participate in the guarantee program, the state treasurer will issue a certificate of eligibility to the school district. The certificate of eligibility shall:

(1) Evidence the school district's immediate qualification for the guarantee program;

(2) Be valid for one year from the date of its issuance; and

(3) Be valid only for those bonds approved under the certified special election(s) specified by the school district in its application for a certificate of eligibility.