(a) The Division of Elementary and Secondary Education shall certify in writing to the education service cooperative that the education service cooperative may be removed from fiscal distress status when the division determines that the education service cooperative has:
(1) Corrected all of the criteria under § 6-13-1027 that led to the classification of fiscal distress; and
(2) Complied with all division recommendations and requirements for removal from fiscal distress status.
(b)
(1) Within thirty (30) days of receiving the division's certification under subsection (a) of this section, an education service cooperative may petition the State Board of Education in writing for removal from fiscal distress.
(2) An education service cooperative may not petition the state board for removal from fiscal distress status before the division makes the certification under subsection (a) of this section.
(c) Within sixty (60) days of receiving the petition for removal from fiscal distress, the state board shall deny the petition or remove the education service cooperative from fiscal distress status.
(d) If an education service cooperative fails to meet the division's requirements for removal from fiscal distress status within two (2) consecutive school years of being classified in fiscal distress, the state board shall:
(1) Reorganize the administrative unit of the education service cooperative under § 6-13-1029; or
(2)
(A) Issue a written finding supported by a majority vote of the state board explaining in detail that the education service cooperative could not comply with this section due to impossibility caused by external forces beyond the education service cooperative's control.
(B) The state board shall extend the classification of fiscal distress for one (1) additional year within which time the education service cooperative shall comply with all conditions for removal from fiscal distress status under this section.
(e) Within fifteen (15) days of making a decision under this section, the state board shall notify the education service cooperative of its decision and include with the notice a copy of a written finding issued under subsection (d) of this section.