Annexation of area for school district purposes;

resolutions; approval; filing. A. Whenever it becomes economically feasible for students residing in one school district to attend school in another school district, whether or not that school district is within the same county as the school district of residence, the local school boards of the school districts may provide for annexation of the appropriate area by resolution of each of the local school boards concerned. The resolutions shall be submitted to the state board [department] of education for its approval. B. Prior to adopting such resolution, the local school board proposing to annex the area within another school district shall furnish an accurate legal description of the area to be annexed and the net taxable value of the property within the area to the chief, public school finance division [secretary of public education]. The chief [secretary] shall furnish to each local school board concerned a statement of the financial implication of the annexation. C. After resolutions are adopted by each of the local school boards concerned and approved by the state board [department] of education, copies of the resolutions shall be filed with: (1) the county commission of the county where the principal office of each local school board is located and the county commissions of those other counties in which area is affected; (2) the county assessor of the county where the principal office of each local school board is located and the county assessors of those other counties in which area is affected; (3) state board of education; and (4) department of finance and administration.