(1) An education service cooperative that is classified by the State Board of Education as being in fiscal distress shall file with the Division of Elementary and Secondary Education a fiscal distress plan that: Addresses each area of fiscal distress identified by the division;
(2) Describes how the education service cooperative will remedy the areas experiencing fiscal distress; and
(3) Establishes the schedule by which the education service cooperative will implement the fiscal distress plan.
(4) The fiscal distress plan implementation schedule shall not exceed two (2) years from the date of the final classification of fiscal distress.
(5) The division shall approve the fiscal distress plan before the education service cooperative implements the fiscal distress plan.
(6) An education service cooperative identified as being in fiscal distress is required to receive on-site technical evaluation and assistance from the division.