163.042.  Option district election, effect of — notification to department of election. — 1.  Any board of any school district may elect in any fiscal year to be considered an option district.  Such option districts shall not be entitled to any state aid under section 163.031 or 163.043.  In exchange for forgoing state aid, option districts shall be granted waivers from all Missouri school improvement plan provisions and any requirements otherwise imposed on the school district related to the authority of the state board of education to classify school districts under section 161.092, all fund transfer restrictions under chapter 165, and such other rules as determined by the commissioner of education.  Nothing in this section exempts any school district from its requirement to administer the state assessment.  Further, such districts may choose not to comply with any requirements of federal law and any funding attached to such requirements, provided that such noncompliance is not prohibited under federal law.  In any year in which a district elects to be an option district, no locally generated revenue shall be transferred to the state in any manner whatsoever.

  2.  Between June first and June thirtieth of each year, any board of any district electing to be considered an option district for the following fiscal year shall notify the department of elementary and secondary education of such intention.  The department shall promulgate rules concerning the specific eligibility criteria for a district to become and apply for option district status.