(b) When the petitioner’s boundary change proposal is supported by a resolution adopted by a vote of each affected school district board of directors, the State Board of Education shall approve the boundary change proposal unless the state board determines:

1. (1) The proposed boundary change will have a substantial adverse effect on the education of students in the affected districts;
2. (2) The proposed boundary change will significantly increase the time students spend on district-provided transportation; or
3. (3) The proposed boundary change may cause an affected district to enter fiscal destress.

(c) When the petitioner’s boundary change proposal is opposed by one (1) or more affected school district, the state board shall consider the following factors when exercising its best judgment regarding whether the petition should be granted:

1. (1) The impact on the education of students affected by the proposed boundary change;

2. (2)

   1. (A) The number of voluntary transfer students who reside in the territory subject to the proposed boundary change that would become residents of the district if the petition is granted.
   2. (B) If more than sixty-seven percent (67%) of the students who reside in the territory subject to the proposed boundary change have voluntarily transferred to the district that would become the student’s resident district if the petition were granted, there shall be a rebuttable presumption that the petition should be granted;
3. (3) The effect the petition would have on the distance students must travel in order to access public education provided by the state;
4. (4) The capacity of the district gaining territory to absorb the increased student population;
5. (5) The extent to which the change will increase the cohesiveness of municipalities or community groups; and
6. (6) The financial impact of the change on the affected district.