The Georgia Board of Education has approved a contract with the Cobb County Schools district for a new operating system. The Cobb Schools board in November chose the Investing in Educational Excellence system over status quo or charter systems. Under a new Georgia law, state school districts have until July 1 to choose one of the three systems. The Cobb board said the IE2 contract will allow the district to keep $44 million in state waivers and have flexibility.