(1) The Division of Elementary and Secondary Education shall promulgate rules for the nine-thousand-dollar yearly incentive bonus provided under this section for principals receiving master school principal status.
(2) The division shall pay a yearly incentive bonus of nine thousand dollars ($9,000) for every school year for no more than five (5) years to any building-level principal who: Receives a master school principal designation from the Arkansas Leadership Academy; and
(3) At the time of receiving the bonus, is employed full time as a building-level principal in an Arkansas public school district.