(1) When a district administrator proposes to nonrenew a nontenure teacher for financial reasons, the trustees shall include the proposed nonrenewal for financial reasons on the agenda of a meeting on or before June 1.
(2) A proposed nonrenewal of a nontenure teacher under subsection (1) is an action of significant interest to the public within the meaning of 2-3-103.
(3) A nonrenewal of a nontenure teacher for financial reasons is a nonrenewal without cause as provided in 20-4-206.
(4) The provisions of this section do not override provisions negotiated and agreed to in a collective bargaining agreement executed by the district and the teacher's exclusive representative pursuant to Title 39, chapter 31.