(a) The Department of Education shall promulgate rules and regulations for the nine thousand dollar ($9,000) yearly incentive bonus provided under this section for principals receiving master school principal status.
(b) The department shall pay a yearly incentive bonus of nine thousand dollars ($9,000) for every school year for no more than five (5) years to any building-level principal who:
(1) Receives a master school principal designation from the Arkansas Leadership Academy; and
(2) At the time of receiving the bonus, is employed full time as a building-level principal in an Arkansas public school district.
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