(1) Beginning with the 1996-1997 school year, a student who has completed a minimum of seventy-five (75) clock hours of documented community service in grades nine through twelve (9-12), as certified by the service agency or organization to the school, shall be eligible to receive one (1) academic credit that may be applied toward graduation.
(2) The community service shall be in programs or activities approved by the State Board of Education and the local school district board of directors and shall include preparation, action, and reflection components.
(3) A local school district board of directors may grant a waiver of this requirement with notice to the state board.
(4) The state board is hereby authorized to promulgate rules necessary for the implementation of this section.