Sec. 7. (a) If the state board assigns a special management team, the department shall enter into a contract with a special management team. The terms of the contract must specify the following:

(1) A requirement that the special management team and the governing body conduct a public meeting two (2) times each year to provide a report concerning:

(A) student achievement of affected students; and

(B) the condition of the school property and to address issues related to the school property.

(2) The amount of local, state, and federal funding, including tuition support, to be distributed to the school.

(3) A requirement that the student instruction must be provided by teachers licensed under IC 20-28-5.

(4) The performance goals and accountability metrics agreed upon for the school.

(5) Grounds for termination of the contract, including the right of termination if the special management team fails to do any of the following:

(A) Comply with the conditions or procedures established in the contract.

(B) Meet the state's financial management and government accounting requirements.

(C) Comply with applicable laws.

(D) Meet the performance goals and accountability metrics agreed upon under subdivision (4).

(b) The special management team shall have full autonomy to operate the school as provided in the contract described in subsection (a).

(c) The term of the contract may not exceed five (5) years. The contract may be extended after the initial term at the direction of the state board.

(d) Individuals employed by the special management team are entitled to participate in:

(1) the state teachers' retirement fund created by IC 5-10.4;

(2) the public employees' retirement fund created by IC 5-10.3; or

(3) another employee pension or retirement fund.

As added by P.L.160-2012, SEC.52. Amended by P.L.33-2014, SEC.6; P.L.223-2015, SEC.12.