The council shall submit the plan to the Legislative Research Commission by November 1, 2022. Any revisions to the plan shall be submitted to the Commission after adoption.

The council shall contract with an independent third party to make recommendations on the university's governance and operational structure and evaluate the university's performance throughout the period of the council's oversight.

By June 1 and November 1, 2022, and by June 1 and November 1 of each year thereafter the plan is in effect, the council shall provide reports to the Interim Joint Committee on Education detailing the status of the development, implementation, and results of the plan.

During Fiscal Years 2022-2023, 2023-2024, and 2024-2025, the Kentucky State University president and a member of the Kentucky State University board of regents shall provide a combined total of at least four updates each year on the progress of the management improvement plan and the investigation of the actions that led to the financial shortfall described in Section 3 of this Act to one or more of the following committees: the Budget Review Subcommittee on Postsecondary Education, the Interim Joint Budget Review Subcommittee on Education, the Interim Joint Committee on Appropriations and Revenue, or the Interim Joint Committee on Education.

By November 1, 2025, the council shall provide a three-year performance analysis of Kentucky State University based on the management improvement plan to the Interim Joint Committee on Education, the Interim Joint Committee on Appropriations and Revenue, and the State Auditor of Public Accounts. The council shall provide recommendations for a transition plan to a new governance and operational structure for the institution for consideration by the General Assembly if the analysis finds a