(A) If the department of education and workforce determines that a college-preparatory boarding school established under this chapter is not in compliance with any provision of this chapter or the terms of the contract entered into under section 3328.12 of the Revised Code, or that the school has failed to meet the academic goals or performance standards specified in that contract, the department may initiate the termination procedures specified in the contract. No termination shall take effect prior to the end of a school year. Upon the effective date of a termination, the school shall close.

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(B) If a college-preparatory boarding school is required to close under division (A) of this section or closes for any other reason, the school’s board of trustees shall execute the closing as provided in the contract under section 3328.12 of the Revised Code.