(c) Commercial paper of a corporation created by or existing under the laws of the United States or of a state, district or territory of the United States or of a wholly owned subsidiary of such a corporation with a rating not lower than A-3 or P-3 by a nationally recognized rating service.

(d) A bond, note, debenture or other valid obligation that is issued by the Treasury of the United States.

(1) The Federal Farm Credit Bank;

(2) The Federal National Mortgage Association;

(f) A bond, note, debenture or other security in the Student Loan Marketing Association, regardless of whether it is guaranteed by the United States.

(1) Are registered with the Securities and Exchange Commission;

(2) Are rated by a nationally recognized rating service as "A" or its equivalent, or better; and

(3) Invest only in securities issued by the Federal Government or agencies of the Federal Government or in repurchase agreements fully collateralized by such securities.

The total dollar amount invested in such mutual funds must not exceed 20 percent of the total dollar amount of the trust fund that is invested.

(1) The stock of the corporation is:

(I) Listed on a national stock exchange; or

(II) Traded in the over-the-counter market, if the price quotations for the over-the-counter stock are quoted by the National Association of Securities Dealers Automated Quotations System (NASDAQ);

(2) The outstanding shares of the corporation have a total market value of not less than $50,000,000;

(3) The maximum investment in stock is not greater than 60 percent of the book value of the total investments of the trust fund;

3. The state treasurer shall exercise the standard of care in investing the property of the fund that a person of prudence, discretion and intelligence would exercise in the management of his own affairs, given the prevailing circumstances, not in regard to speculation but rather to the permanent disposition of the property, considering the potential income from and the probable safety of his capital.

4. Subject to the terms, conditions, limitations and restrictions set forth in this section, the state treasurer may sell, assign, transfer or dispose of the property and investments of the trust fund upon the approval of a majority of the board.

5. The assets of the trust fund:

(a) Must be maintained, invested and expended solely for the purposes of this chapter; and

(b) Must not be loaned, transferred or otherwise used for a purpose other than the purposes of this chapter.

6. The state treasurer shall credit any income derived from an investment or a gain from a sale or exchange of an investment to the trust fund.

7. The state treasurer shall acquire each investment for the trust fund at a price not to exceed the prevailing market value for such an investment.

8. Each investment in the trust fund must be clearly marked to indicate ownership by the trust fund.

9. The state treasurer, an employee of the state treasurer, or a member or employee of the board shall not:

(a) Have a direct or indirect interest in the income, gain or profit of an investment that the state treasurer makes;

(b) Receive pay or emolument for his services in connection with an investment that the state treasurer makes; or

(c) Become an endorser, surety or obligor for money that is borrowed from the trust fund.

10. If the annual actuarial study performed pursuant to NRS 353B.190 reveals that there is insufficient money to ensure the actuarial soundness of the trust fund, the board shall modify the terms of subsequent prepaid tuition contracts.