(1) Contain provisions to provide educational services for all students served by the regional school unit. The agreement must provide that during the first year following the dissolution, students may attend the school that they would have attended if the regional school unit had not dissolved. The allowable tuition rate for students sent from one municipality to another in the former regional school unit must be determined under section 5804 and section 5805, except that the allowable tuition rate is not subject to the state per pupil average limitation in section 5805, subsection 2;

(2) Establish that the dissolution takes effect at the end of the regional school unit's fiscal year;

(3) Establish that the dissolution will not cause a need within 5 years from the effective date of dissolution for school construction projects that would be eligible for state funds. This limitation does not apply when a need for school construction existed prior to the effective date of the dissolution or when a need for school construction would have arisen even if the regional school unit had not dissolved;

(4) Establish how transportation services will be provided;

(5) Provide for administration of a school administrative unit, which would not include the creation of new supervisory units if at all possible, or joining another school administrative unit;

(6) Make provision for the distribution of financial commitments arising from outstanding bonds, notes and any other contractual obligations that extend beyond the effective date of dissolution;

(7) Make appropriate provision for the distribution of any outstanding financial commitments to the superintendent of the regional school unit;

(8) If the municipality does not join another school administrative unit, provide for the continuation and assignment of collective bargaining agreements as the agreements apply to a new or reorganized school administrative unit for the duration of those agreements and must provide for the continuation of representational rights;

(9) Provide for the continuation of continuing contract rights under section 13201;

(10) Provide for the disposition of all real and personal property and other monetary assets; and

(11) If the municipality does not join another school administrative unit, provide for the transition of administration and governance of the regional school unit to properly elected governing body of the newly created school administrative unit.

(1) The directors of the regional school unit board shall post a public notice of the time and location of the hearing at least 10 days before the hearing.

(2) Within 30 days following the hearing, the committee shall forward the final agreement to the commissioner and the state board.

(1) Send the agreement back to the committee for necessary corrections and establish a maximum time limit by which to make the corrections; and

(2) Indicate that the corrected agreement must go through the steps outlined in paragraphs A, B and C or other steps that the state board determines appropriate.