House Bill No. by Representative Young amends R.S. 17:3991(H) to clarify the ownership of assets acquired by various types of charter schools in Louisiana. The bill specifies that assets acquired by Type 1, 2, 3, 3B, or 5 charter schools remain the property of those schools for the duration of their charter agreements. In contrast, assets acquired by Type 4 charter schools are designated as the property of the local school board. Additionally, if a Type 1, 3, or 3B charter school is converted to a Type 2 charter school, any assets purchased with public funds prior to the conversion will continue to belong to the original charter school for the duration of its charter agreement.

The bill also stipulates that if the charter agreement of any Type 1, 2, 3, 3B, or 5 charter school is revoked or if the school ceases to operate, all assets purchased with public funds will become the property of the chartering authority. Furthermore, charter schools are required to maintain records of any assets acquired with private funds, which will remain the property of the nonprofit group operating the charter school. This legislation aims to provide clarity and consistency regarding asset ownership among different types of charter schools in Louisiana.

Statutes affected:
HB51 Original: 17:3991(H)