Sec. 12. (a) For a school corporation or charter school to qualify for an advance under this chapter, a:
(1) school corporation must establish an operations fund under IC 20-40-18; and
(2) charter school must establish an operations fund.
(b) The state board, after consulting with the department and the budget agency, may waive or modify the requirement under this section upon a showing of good cause by the school corporation or charter school.