(a) The executive director of the Technical Education and Career System shall take the necessary steps to replace any school bus that (1) is twelve years or older and is in service at any technical education and career school, or (2) has been subject to an out-of-service order, as defined in section 14-1, for two consecutive years for the same reason.

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(b) The executive director of the Technical Education and Career System shall annually submit, in accordance with the provisions of section 11-4a, to the Secretary of the Office of Policy and Management and to the joint standing committees of the General Assembly having cognizance of matters relating to education and finance, revenue and bonding a report on the replacement of school buses in service in the Technical Education and Career System, pursuant to subsection (a) of this section. Such report shall include the number of school buses replaced in the previous school year and a projection of the number of school buses anticipated to be replaced in the upcoming school year.