(1) As used in this section, "eligible school" means a low performing school that: (a) was designated as a low performing school based on 2014-2015 school year performance; and (b) (i) improves the school's grade by at least one letter grade, as determined by comparing the school's letter grade for the school year prior to the initial remedial year to the school's letter grade for the final remedial year; or (ii) (A) has been granted an extension under Subsection 53E-5-306(3); and (B) improves the school's grade by at least one letter grade, as determined by comparing the school's letter grade for the school year prior to the initial remedial year to the school's letter grade for the last school year of the extension period.

(a) was designated as a low performing school based on 2014-2015 school year performance; and

(b) (i) improves the school's grade by at least one letter grade, as determined by comparing the school's letter grade for the school year prior to the initial remedial year to the school's letter grade for the final remedial year; or (ii) (A) has been granted an extension under Subsection 53E-5-306(3); and (B) improves the school's grade by at least one letter grade, as determined by comparing the school's letter grade for the school year prior to the initial remedial year to the school's letter grade for the last school year of the extension period.

(i) improves the school's grade by at least one letter grade, as determined by comparing the school's letter grade for the school year prior to the initial remedial year to the school's letter grade for the final remedial year; or

(ii) (A) has been granted an extension under Subsection 53E-5-306(3); and (B) improves the school's grade by at least one letter grade, as determined by comparing the school's letter grade for the school year prior to the initial remedial year to the school's letter grade for the last school year of the extension period.

(A) has been granted an extension under Subsection 53E-5-306(3); and

(B) improves the school's grade by at least one letter grade, as determined by comparing the school's letter grade for the school year prior to the initial remedial year to the school's letter grade for the last school year of the extension period.

(2) The School Recognition and Reward Program is created to provide incentives to schools and educators to improve the school grade of a low performing school.

(3) Subject to appropriations by the Legislature, upon the release of school grades by the state board, the state board shall distribute a reward equal to: (a) for an eligible school that improves the eligible school's grade one letter grade: (i) $100 per tested student; and (ii) $1,000 per educator; (b) for an eligible school that improves the eligible school's grade two letter grades: (i) $200 per tested student; and (ii) $2,000 per educator; (c) for an eligible school that improves the eligible school's grade three letter grades: (i) $300 per tested student; and (ii) $3,000 per educator; and (d) for an eligible school that improves the eligible school's grade four letter grades: (i) $500 per tested student; and (ii) $5,000 per educator.

(a) for an eligible school that improves the eligible school's grade one letter grade: (i) $100 per tested student; and (ii) $1,000 per educator;

(i) $100 per tested student; and

(ii) $1,000 per educator;

(b) for an eligible school that improves the eligible school's grade two letter grades: (i) $200 per tested student; and (ii) $2,000 per educator;

(i) $200 per tested student; and

(ii) $2,000 per educator;

(c) for an eligible school that improves the eligible school's grade three letter grades: (i) $300 per tested student; and (ii) $3,000 per educator; and

(i) $300 per tested student; and

(ii) $3,000 per educator; and

(d) for an eligible school that improves the eligible school's grade four letter grades: (i) $500 per tested student; and (ii) $5,000 per educator.

(i) $500 per tested student; and

(ii) $5,000 per educator.

(4) The principal of an eligible school that receives a reward under Subsection (3), in consultation with the educators at the eligible school, may determine how to use the money in the best interest of the school, including providing bonuses to educators.

(5) If the number of qualifying eligible schools exceeds available funds, the state board may reduce the amounts specified in Subsection (3).

(6) A local school board of an eligible school, in coordination with the eligible school's turnaround committee, may elect to receive a reward under this section or receive funds described in Section 53E-5-308 but not both.