(a) Upon approval of a proposed contract of a local school system which has requested flexibility, the state board shall enter into such contract with the local board of education.
(b) The terms of the contract shall include, but not be limited to, accountability, flexibility, and consequences components as negotiated pursuant to subsection (a) of Code Section 20-2-82 and in accordance
with Code Section 20-2-84.
(c) The terms of the contract shall also include specific requirements
relating to maintaining or achieving financial stability of the local school system, including ensuring that the local school system has not been designated as a high-risk local school system by the Department of Audits and Accounts pursuant to Code Section 20-2-67, or if it has been designated as a high-risk local school system, that it has a written corrective action plan in place and that local school system board members and appropriate personnel participate in required training to address the deficiencies.
(d) Each contract shall be for a term of six years. The terms of the contract may provide for automatic extension of such contract if a local school system has met its accountability requirements.
(e) The terms of a contract may be amended during the term of the contract only upon approval of the state board and the local board of education.