(a) The General Assembly directs the State Board of Education to conduct or provide for a comprehensive Statewide costing-out study to arrive at a determination of the basic cost per pupil to provide an education that will permit a student to meet the State's academic standards and assessments.

(b) The study shall consider both adequacy and equity. For the purposes of this subsection, the term “equity” shall mean whether public resources being committed to education are distributed in such a way that all children, regardless of race, gender, ethnicity, disability, socioeconomic status and geography, have an equal opportunity to succeed in school. For purposes of this subsection, the term “adequacy” shall mean whether sufficient resources, both State and local, are being committed to meet established performance standards and assure academic success for all.

(c) The State Board of Education is authorized to hire or retain consultants, utilizing a request for proposal procedure, as necessary to assist in the performance of its duties under this section.

(d) The State Board of Education shall consult with the following leaders in the development of the request for proposals, and the assent of a majority of the following leaders shall be required before the request for proposal shall be released:

(e) At a minimum the study shall include all of the following:

(f) The State Board of Education shall issue an interim report no later than six months after the date of the signing of a contract entered into under subsection (c) and shall provide a final report of its findings and recommendations to the Governor and the members of the General Assembly no later than one year from the date of the signing of a contract entered into under subsection (c).

(g) Upon receipt of the final report, the Education Committee of the Senate and the Education Committee of the House of Representatives shall promptly review and consider the recommendations of the study and develop legislation as deemed appropriate.