6 CAR § 232-106
(b) If the state board allows for a transition period as set forth in Arkansas Code § 6-13-1505 and 6 CAR § 232-105(h), the state board may allow a reasonable time period, not to exceed one hundred twenty (120) days from the date the state board issues the order creating the new school district, to allow the existing school district and the new school district created by detachment to develop and present to the state board a written agreement concerning the following matters, without limitation:
(d)
(1) In the event that the existing school district and the new school district created by detachment are unable to agree upon any issue regarding the formation of a written agreement concerning detachment or upon the implementation of the final determination of the state board concerning detachment, the school districts shall jointly:
(e) The state board shall make the final determination concerning the distribution of real and personal property, assets, liabilities including debt, duties, and responsibilities for the: