(a) The association may enter into a financing arrangement with this state as provided by Section 404.0242, Government Code, and in accordance with this subchapter:
(1) before a catastrophic event, for not more than $500 million; and
(2) after a catastrophic event that depletes the catastrophe reserve trust fund, for not more than $1 billion.
(b) The amount available under Subsection (a)(2) is reduced by the amount of any outstanding pre-event or post-event financing obtained by the association under this section.