Page 5 of 22 reconsideration and approval by a majority vote of the board. Within fourteen (14) days after approval of the proposed implementation plan, the board shall do the following: (1) Transmit a copy of the proposed implementation plan to the following: (i) chairperson and minority chairperson of the Appropriations Committee of the Senate; (ii) chairperson and minority chairperson of the Education Committee of the Senate; (iii) chairperson and minority chairperson of the Appropriations Committee of the House of Representatives; and (iv) chairperson and minority chairperson of the Education Committee of the House of Representatives. (2) Make the proposed implementation plan available for review and solicit public comment for a period of not less than sixty (60) days. (a.5) The board shall consult with stakeholders, including faculty, staff, students and administrators, and hold at least two public hearings as part of the public comment period under subsection (a.4)(2). After the public comment period and before any action may be taken pursuant to subsection (a.1), the board shall consider comments made by stakeholders during the public comment period and present an implementation plan at a public meeting subject to the approval by two-thirds of the board. If the board votes to approve the implementation plan, the board shall, within fourteen (14) days, transmit a copy of the final implementation plan to the following: (1) Chairperson and minority chairperson of the Appropriations Committee of the Senate. (2) Chairperson and minority chairperson of the Education Committee of the Senate. (3) Chairperson and minority chairperson of the Appropriations Committee of the House of Representatives. (4) Chairperson and minority chairperson of the Education Committee of the House of Representatives. (a.6) The timeline for implementation to be completed as described in the final implementation plan shall be no earlier than twelve months from the date of the issuance of the proposed implementation plan. (a.7) Upon development of a proposed implementation plan under subsection (a.3), the chancellor shall report on a quarterly basis in person to the chairperson and minority chairperson of the Appropriations Committee of the Senate, the chairperson and minority chairperson of the Education Committee of the Senate, the chairperson and minority chairperson of the Appropriations Committee of the House of Representatives and the chairperson and minority chairperson of the Education Committee of the House of Representatives information detailing the actions taken, actions planned to be taken in the next quarter and progress made toward developing and implementing the goals of the plan on the respective universities. Within fifteen (15) days of the issuance of a report to the chairpersons, the chancellor shall present the report at a joint public hearing of the Appropriations Committee of the Senate and the Education Committee of the Senate and a joint public hearing of the Appropriations Committee of the House of Representatives and the Education Committee of the House of Representatives. A report under this subsection shall continue until the plan is either rejected by the board or has been fully implemented. A report shall include, but is not limited to, the following information: (1) An overview of the financial position of the respective universities at the time of plan approval and at the time of the report.
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