(a) (1) A local public school district under which a proposed isolated school district currently operates shall agree to release ownership of the isolated school's facilities and any accompanying debt on the facilities to the isolated school district.(2) The written release form required under subdivision (a)(1) of this section shall be signed by the president of the school district board of directors of the local public school district under which the proposed isolated school district currently operates and shall be included in the application submitted by the proposed isolated school district.
(1) A local public school district under which a proposed isolated school district currently operates shall agree to release ownership of the isolated school's facilities and any accompanying debt on the facilities to the isolated school district.
(2) The written release form required under subdivision (a)(1) of this section shall be signed by the president of the school district board of directors of the local public school district under which the proposed isolated school district currently operates and shall be included in the application submitted by the proposed isolated school district.
(b) Ownership of a school bus acquired with isolated school funds in the previous two (2) school years shall be transferred to the resulting isolated school district.
(c) Isolated school funds received by the local public school district under which the proposed isolated school district currently operates within four (4) months of the end of the local public school district's fiscal year on June 30 shall be transferred to the resulting isolated school district.
(d) Ownership of all furnishings, equipment, textbooks, computers, technology, phone systems, audio-video systems, athletic equipment, and machinery at an isolated school currently operating within a local public school district shall be transferred to the resulting isolated school district.