I emailed the guy in charge of the site and here is the response in part...
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This is not my personal interpretation. This is an official interpretation from the NFHS. Perhaps when they think all this through, they may change it for next season. However, for now this is it.
..... This play came up during a national conference call in early November for high school rules and changes. As you might imagine, there was considerable discussion. The play was reviewed at the highest levels of the NFHS Basketball Rules Committee and the approved interpretation is the answer on our (
www.district3hoops.com/rules/thisweek.htm) web site. The rule reference is Rule 5, Section 10 which is where "lag time" was removed.
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But it doesn't seem to be anywhere on the NF website or in the books.