If it shall appear to the satisfaction of the state bond commission from the request provided for in Section 37-47-35:
That the estimate of the needs for the then current fiscal year as shown pursuant to the requirement of Section 37-47-35, requires bonds to be issued in the amount requested; and
That the issue will be within the limitations prescribed by Section 37-47-33;
then it shall be the duty of the state bond commission to issue state school bonds in accordance with said request.