Sabbatical leave pay may be allowed in any amount up to one-half of the employee’s regular salary for the year immediately preceding the leave and payment shall be made by one of the two following methods:

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A. one-half to be paid at the end of the first year after return and one-half at the end of the second year after return; or

B. during the term of the leave upon the furnishing of security satisfactory to the local school board or the governing authority of the state agency assuring the employee’s remaining in the system for two years after the leave or repayment to the school district or state agency of the salary received during the period of leave.