1. a. By July 1 of each school year, the school business administrator shall submit a written report to the board of education on school district contracts. The report shall include: a list of all district contracts that will be awarded, subject to renewal, or expire during the school year; and an explanation of all applicable federal and State laws, rules, and regulations relating to those contracts.
b. Prior to the execution, extension, or renewal of any school district contract that was not included in the report prepared pursuant to subsection a. of this section, the school business administrator shall notify the board of education in writing of all applicable federal and State laws, rules, and regulations relating to the contract.