Sec. 12. (a) This section applies to a transformation zone granted designation by the state board under section 9.5 of this chapter after June 30, 2022.
(b) If the state board grants the designation of a transformation zone within a school corporation under section 9.5 of this chapter, the governing body of the school corporation may enter into an agreement with a nonprofit organization to manage and operate all of the schools included in the transformation zone.
(c) An agreement entered into under subsection (b) must:
(1) provide that the nonprofit organization has managerial and operational autonomy over the schools included in the transformation zone; and
(2) include details regarding the funding structure of the transformation zone.