The Texas Education Agency and the Texas School for the Deaf shall develop, agree to, and by commissioner rule adopt no later than September 1, 1998, a memorandum of understanding to establish:
(1) the method for developing and reevaluating a set of indicators of the quality of learning at the Texas School for the Deaf;
(2) the process for the agency to conduct and report on an annual evaluation of the school’s performance on the indicators;
(3) the requirements for the school’s board to publish, discuss, and disseminate an annual report describing the educational performance of the school;
(4) the process for the agency to assign an accreditation status to the school, to reevaluate the status on an annual basis, and, if necessary, to conduct monitoring reviews; and
(5) the type of information the school shall be required to provide through the Public Education Information Management System (PEIMS).