Amend section 8, page 2, line 10, by deleting "The state" and inserting:

"Except as otherwise provided in section 8.5 of this act, the state".

"Sec. 8.5. 1. The board may form a nonprofit corporation pursuant to chapter 82 of NRS for the purpose of issuing bonds or other obligations for the benefit of the trust fund. The board shall serve as the board of directors of any such corporation created pursuant to this section.

2. The corporation may issue obligations payable solely from the revenue described in paragraphs (a) and (b) of subsection 2 of section 8 of this act. Any such obligations are solely the obligations of the corporation and are not obligations, special or general, of the state and do not give rise to any claim against the state, the taxing power of the state or any asset or income of the state except the revenue described in paragraphs (a) and (b) of subsection 2 of section 8 of this act.

3. If obligations are issued by the corporation pursuant to this section, the state treasurer shall transfer in each fiscal year sufficient money from the revenue described in paragraphs (a) and (b) of subsection 2 of section 8 of this act to the corporation to pay the principal and interest on the obligations when due; but in no event shall the state treasurer transfer to the corporation in any fiscal year more money than he has received in that fiscal year from the sources of revenue described in paragraphs (a) and (b) of subsection 2 of section 8 of this act.".

Amend sec. 10, page 3, line 41, after "certificate." by inserting:

"The criteria must require a student to maintain at least a 2.0 grade-point average on a 4.0 grading scale for his first academic year and a 2.5 grade-point average on a 4.0 grading scale thereafter.".