A. A school district which, by reason of an emergency, finds it necessary to expend monies in excess of its annual budget for any purpose set forth in section 15-206 may apply to the state board of education for an apportionment from federal funds available under section 15-207.

B. The board shall conduct a hearing and an investigation concerning the application. If the hearing and investigation disclose that the district needs additional funds for the proper conduct of its school, the board may, in its discretion, apportion such monies as it deems necessary to the district.