As used in this chapter:
(1) "Change in the organization and extent of school districts" means the formation and establishment of new school districts, the dissolution of existing school districts, the alteration of the boundaries of existing school districts, or all of them.
(2) "Educational service district superintendent" means the educational service district superintendent as provided for in RCW
28A.310.170 or his or her designee.
(3) "Financial oversight committee" means a committee convened pursuant to RCW
28A.315.221.
(4) "Financially insolvent district" means a school district that:
(a) Has been on binding conditions pursuant to RCW
28A.505.110 for two consecutive years and is unable to prepare a satisfactory financial plan; or
(b) Is reasonably foreseeable and likely to have a deficit general fund balance within three years and is unable to prepare a satisfactory financial plan.
(5) "Regional committee" means the regional committee on school district organization created by this chapter.
(6) "Satisfactory financial plan" means a plan approved by the superintendent of public instruction and the educational service district where a school district is located demonstrating the school district will have an adequate fund balance at the end of the plan period relying on:
(a) Currently available revenue streams provided by federal, state, or local resources; or
(b) Other revenue streams determined reasonably reliable by the educational service district where the school district is located.
(7) "School district" means the territory under the jurisdiction of a single governing board designated and referred to as the board of directors.