70 OK Stat § 70-3-142 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-3-142. Funding - Charter School Closure Reimbursement Revolving Fund.

|A. The student membership and attendance of the charter school shall be considered separate from the student membership and attendance of the sponsor for the purpose of calculating enrollment and funding including weighted average daily membership pursuant to Section 18-201.1 of this title and State Aid pursuant to Section 18-200.1 of this title. A charter school shall receive the State Aid allocation, federal funds to which it is eligible and qualifies for and any other state-appropriated revenue generated by its students for the applicable year. Not more than three percent (3%) of the State Aid allocation may be charged by the sponsor as a fee for administrative services rendered. The State Board of Education shall determine the policy and procedure for making payments to a charter school. The fee for administrative services as authorized in this subsection shall only be assessed on the State Aid allocation amount and shall not be assessed on any other appropriated amounts. A sponsor of a charter school shall not charge any additional State Aid allocation or charge the charter school any additional fee above the amounts allowed by this subsection unless the additional fees are for additional services rendered. The charter school sponsor shall provide to the State Department of Education financial records documenting any state funds charged by the sponsor for administrative services rendered for the previous year. |B. 1. The weighted average daily membership for the first year of operation of a charter school shall be determined initially by multiplying the actual enrollment of students as of August 1 by 1.333. The charter school shall receive revenue equal to that which would be generated by the estimated weighted average daily membership calculated pursuant to this paragraph. At midyear, the allocation for the charter school shall be adjusted using the first quarter weighted average daily membership for the charter school calculated pursuant to subsection A of this section.2. For the purpose of calculating weighted average daily membership pursuant to Section 18-201.1 of this title and State Aid pursuant to Section 18-200.1 of this title, the weighted average daily membership for the first year of operation of a full-time statewide virtual charter school sponsored by the Statewide Virtual Charter School Board shall be determined by multiplying the actual enrollment of students as of August 1 by 1.333. The full-time virtual charter school shall receive revenue equal to that which would be generated by the estimated weighted average daily membership calculated pursuant to this paragraph. At midyear, the allocation for the full-time statewide virtual charter school shall be adjusted using the first quarter weighted average daily membership for the virtual charter school calculated pursuant to subsection A of this section.C. Except as explicitly authorized by state law, a charter school shall not be eligible to receive state-dedicated, local or county revenue; provided, a charter school may be eligible to receive any other aid, grants or revenues allowed to other schools. A charter school shall be considered a local education agency for purposes of funding.D. Any unexpended funds received by a charter school may be reserved and used for future purposes. The governing body of a charter school shall not levy taxes or issue bonds. If otherwise allowed by law, the governing body of a charter school may enter into private contracts for the purposes of borrowing money from lenders. If the governing body of the charter school borrows money, the charter school shall be solely responsible for repaying the debt, and the state or the sponsor shall not in any way be responsible or obligated to repay the debt.E. Any charter school which chooses to lease property shall be eligible to receive current government lease rates.F. Except as otherwise provided in this subsection, each charter school shall pay to the Charter School Closure Reimbursement Revolving Fund created in subsection G of this section an amount equal to Five Dollars ($5.00) per student based on average daily membership, as defined by paragraph 2 of Section 18-107 of this title, during the first nine (9) weeks of the school year. Each charter school shall complete the payment every school year within thirty (30) days after the first nine (9) weeks of the school year. If the Charter School Closure Reimbursement Revolving Fund has a balance of One Million Dollars ($1,000,000.00) or more on July 1, no payment shall be required the following school year.G. There is hereby created in the State Treasury a revolving fund for the State Department of Education to be designated the “Charter School Closure Reimbursement Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the State Department of Education from charter schools as provided in subsection F of this section. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the State Department of Education for the purpose of reimbursing charter school sponsors for costs incurred due to the closure of a charter school. Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment. The State Department of Education may promulgate rules regarding sponsor eligibility for reimbursement.Added by Laws 1999, c. 320, § 17, eff. July 1, 1999. Amended by Laws 2004, c. 472, § 2, emerg. eff. June 7, 2004; Laws 2006, c. 278, § 1, eff. July 1, 2006; Laws 2007, c. 257, § 4; Laws 2010, c. 204, § 1; Laws 2010, c. 288, § 4, eff. Nov. 1, 2010; Laws 2011, c. 1, § 39, emerg. eff. March 18, 2011; Laws 2011, c. 184, § 1; Laws 2013, c. 212, § 3, eff. Sept. 1, 2013; Laws 2015, c. 170, § 6; Laws 2020, c. 122, § 1, eff. Nov. 1, 2020; Laws 2021, c. 101, § 9, emerg. eff. April 20, 2021; Laws 2021, c. 563, § 7, emerg. eff. May 28, 2021.NOTE: Laws 2010, c. 290, § 4 repealed by Laws 2011, c. 1, § 40, emerg. eff. March 18, 2011. Laws 2020, c. 61, § 1 repealed by Laws 2021, c. 101, § 10, emerg. eff. April 20, 2021.