(a) Within thirty (30) days after receiving a request for payment from the receiving district, the school district board of directors of the district to which the request is made shall review and either:
(1) Approve the request and make payment in behalf of the education of the child to the receiving district in the manner requested or as may be mutually agreed to by the districts; or
(2) If the school district board of directors rejects the request or rejects any of the terms thereof, the action shall be transmitted in writing to the district making the request within five (5) days after the action is taken, setting forth the reasons for rejecting the request or outlining the objections to or modifications proposed therein.
(b) The request for funds filed by the receiving district with the sending district shall seek payments that shall not exceed, unless the school districts shall mutually agree otherwise, the pro rata amount of state funds received per child for each category of state funds received by the school district, as the funds relate to the total number of students in attendance in the school district for which the funds were received.
(c)
(1) The amount of local funds to be remitted shall not exceed the pro rata amount per child of local operating funds as defined in this subchapter which are received by the school district from the sending district for property taxes for the school year, as these funds relate to the total number of school-age children in average daily attendance in the school district for the school year.
(2) The amount of federal funds to be remitted shall be the pro rata amount per child of federal funds as defined in this subchapter that are received for the category of all students eligible to receive federal funds who are within the same classification or category of the child with disabilities for which payment is sought.