The Governor or the Commissioner of Education, as appropriate, has the authority to terminate all state actions pursuant to ss. 218.50-218.504. Cessation of state action must not occur until the Governor or the Commissioner of Education, as appropriate, has determined that:
(1) The local governmental entity, charter school, charter technical career center, or district school board:
(a) Has established and is operating an effective financial accounting and reporting system.
(b) Has resolved the conditions outlined in s. 218.503(1).
(2) None of the conditions outlined in s. 218.503(1) exists.