(a) Upon the petition of a student residing in one (1) school district, the resident district, to transfer to another school district, the receiving district, the board of directors of the resident district may enter into an agreement with the board of directors of the receiving school district transferring the student to the receiving district for purposes of education.
(b) Forms for use in transferring children from one (1) school district to another shall be provided by the Division of Elementary and Secondary Education.
(c) After the petition has been approved by the board of directors of the resident district and the board of directors of the receiving district, copies of approved transfers shall be filed by the receiving district with the office of the county clerk, with the administrative offices of the respective school districts, and with the division.
(d) This legal transfer of a student from one (1) district to another places the responsibility for the education of the student on the receiving district and permits the receiving district to count these children in average daily membership for state aid purposes.
(e) This section does not transfer the local tax money from the resident district.
(f)
(1) Upon approval of the transfer by the resident district, the receiving district may also enter into a tuition agreement with either the resident district or the parents of the child or children involved whereby the resident district or the parents will make tuition payments to the receiving district to compensate the district for local taxes not received on behalf of the child or children involved.
(2) The annual amount of the tuition shall not exceed the average amount of local property tax per pupil collected in the receiving district in the preceding year.
(g) Student transfers granted under the provisions of this section shall be reviewed at the end of four (4) years by the districts involved to determine whether the agreement should be renewed.
(h) Student transfers granted under this section constitute an independent agreement between the resident district and the receiving district and are not subject to the provisions and limitations of other student transfer laws.