(B) The board of education of each city, local, exempted village, and joint vocational school district shall establish a policy prohibiting harassment, intimidation, or bullying. The policy shall be developed in consultation with parents, school employees, school volunteers, students, and community members. The policy shall include the following:

• (1) A statement prohibiting harassment, intimidation, or bullying of any student on school property, on a school bus, or at school-sponsored events and expressly providing for the possibility of suspension of a student found responsible for harassment, intimidation, or bullying by an electronic act;
• (2) A definition of harassment, intimidation, or bullying that includes the definition in division (A) of this section;
• (3) A procedure for reporting prohibited incidents;
• (4) A requirement that school personnel report prohibited incidents of which they are aware to the school principal or other administrator designated by the principal;
• (5) A requirement that the custodial parent or guardian of any student involved in a prohibited incident be notified and, to the extent permitted by section 3319.321 of the Revised Code and the “Family Educational Rights and Privacy Act of 1974,” 88 Stat. 571, 20 U.S.C. 1232g, as amended, have access to any written reports pertaining to the prohibited incident;
• (6) A procedure for documenting any prohibited incident that is reported;
• (7) A procedure for responding to and investigating any reported incident;