(a) It is the intent of the General Assembly to encourage school districts to explore and consider arrangements with other districts that have the potential to:
(1) Improve academic facilities and equipment available to the public school students in the districts;
(2) Result in improved transportation arrangements for public school students in the state;
(3) Create any type of efficiency for school districts or enhanced learning opportunities for public school students in the state; and
(4) Facilitate the highest and best use of state funds in support of public school academic facilities.
(b)
(1) If school districts voluntarily consolidate or if one (1) school district annexes another school district, the Division of Public School Academic Facilities and Transportation shall use the lowest wealth index of the participating school districts to determine the amount of state financial participation in the first eligible academic facilities project undertaken by the resulting school district.
(2) After the completion of the first academic facilities project, the division shall compute a new wealth index for the resulting district that shall be used to determine the amount of state financial participation in future academic facilities projects undertaken by the resulting school district.