An academic facility leased by a school district shall:
(1) Not be entitled to facilities program funding under the Arkansas Public School Academic Facilities Funding Act, § 6-20-2501 et seq.;
(2) Conform to the school facility standards defined in the Arkansas School Facility Manual;
(3) Be inspected by the Division of Public School Academic Facilities and Transportation to ensure that the facility complies with required academic facility standards before the execution of a lease or a renewal of an existing lease;
(4) Be eligible for a waiver commensurate with the Arkansas School Facility Manual granted by the Commission for Arkansas Public School Academic Facilities and Transportation; and
(5) Be exempt from the academic facility standards for the duration of the replacement of an academic facility that is lost due to a catastrophic event if the leased academic facility is used solely for the purpose of providing an academic facility.