1.    After the dissolution is approved by the state board and after ten thousand dollars is set aside as provided for in section 15.1-12-28, the school district shall set aside in a reimbursement account the amount of money estimated by job service North Dakota to reimburse job service North Dakota for unemployment compensation benefits that could potentially be paid by job service North Dakota to school district employees, as indicated in section 15.1-12-26.1. The school district shall set aside that money in a reimbursement account with the North Dakota school boards association or with the county auditor and shall notify job service North Dakota of the account’s location.

2.    The money must be held for two and one-half years from the effective date of the dissolution and must be used to reimburse job service North Dakota for unemployment compensation benefits paid by job service North Dakota to former employees of the dissolved school district for which the dissolved school district would have been liable, including any delinquent reimbursement payments.

3.    After the two and one-half year period, moneys remaining in the account must be distributed to the school districts that received the dissolving school district’s land, in the same proportion as taxable valuation received by the school districts.

4.    If the money in the account is not sufficient to reimburse job service North Dakota for all unemployment compensation claims paid, then the school districts that received the dissolving school district’s land must pay the balance to job service North Dakota in the same proportion as taxable valuation received by the school districts.