When an LEA uses more than 10 percent of a school building for educational purposes other than as a school for 5 years or less, the LEA shall notify the IAC of the use, the anticipated time for the use, and the expected date for reactivation as a school. When an LEA leases more than 10 percent of a school building for 5 years or less: The LEA shall request IAC approval to lease by providing the IAC the information in §A of this regulation and a copy of the proposed lease; and The IAC may require the LEA to: Pay the State a proportional share of the lease proceeds based on the proportion of the State's investment in the school; and Assume the outstanding debt remaining for bonds, the proceeds of which were used to construct or renovate the school. When an LEA leaves more than 10 percent of a school building vacant for 5 years or less: The LEA shall report the vacancy to the IAC by providing the information in §A of this regulation; and The IAC may require the LEA to assume the outstanding debt remaining for bonds, the proceeds of which were used to construct or renovate the school.