(a) When a public school district is returned to local control or removed from fiscal distress status, the Division of Elementary and Secondary Education:

1. (1) Shall monitor the fiscal operations and accounts of the public school district for a period of three (3) years;

2. (2) Shall provide support to the public school district regarding maintaining:

   1. (A) Fiscal integrity; and
   2. (B) Best financial management practices; and
3. (3) May impose various reporting requirements on the public school district.

(b) A public school district that is returned to local control shall:

1. (1) Comply with all monitoring and reporting requirements established by the division and the State Board of Education, including without limitation:

   1. (A) Review of the public school district's budget; and
   2. (B) Approval for staffing;
2. (2) Not incur any debt without prior written approval of the division; and
3. (3) Use Arkansas Legislative Audit to conduct an annual audit.