The office of the state treasurer will undertake to have the Washington school bond guarantee program rated by at least one of the following: Standard & Poor's, Moody's Investors Service, or Fitch Ratings. Any school district proposing to issue bonds under the guarantee program may:

(1) Engage, at its own expense, one or more of the rating agencies to apply the rating of the guarantee program to its bonds; and

(2) At its discretion, and at its own expense, choose to obtain an underlying rating on the bonds.