(a) The Legislative Oversight Commission on Education Accountability is charged with responsibility to monitor and oversee implementation of the policy changes required by this act.
(b) The responsibilities include, but are not limited to, the following:
(1) Reviewing the overall progress of the council, the commission and state institutions of higher education in implementing the provisions of this act;
(2) Monitoring the development of the rules related to financing policy and benchmarks and indicators pursuant to section six, article two-b of this chapter;
(3) Monitoring the development of the statewide master plan for community and technical college education and the institutional compacts pursuant to sections five and seven, article one-d of this chapter;
(4) Monitoring the development of the council's state compact pursuant to section six, article one-d of this chapter; and
(5) Monitoring the changes in institutional relationships including development or changes in contractual arrangements for services pursuant to section twelve of this article and delivery of dual credit and baccalaureate-level courses;
(c) The provisions of this section expire June 30, 2009.