(1) The state funding board is attached to the office of the comptroller of the treasury for all administrative purposes.
(2) The state funding board is authorized to establish policies and procedures under which the comptroller of the treasury or the comptroller's designee shall be guided in the administration of state laws concerning bond and note issues by counties, municipalities and utility districts.
(3) Noncompliance with subdivision (b)(1) shall not invalidate any bonds issued by a unit of local government.