House Bill No. by Representative Young amends R.S. 17:3991(H) concerning the ownership of assets by charter schools in Louisiana. The bill specifies that assets acquired by Type 1, 2, 3, 3B, or 5 charter schools are owned by the respective charter school for the duration of its charter agreement. 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 converts to a Type 2 charter school, all assets purchased with public funds prior to the conversion will remain with the charter school.

The bill further clarifies that if the charter agreement of any Type 1, 2, 3, 3B, or 5 charter school is revoked or the school ceases to operate, the assets purchased with public funds will belong to the chartering authority. However, for a Type 2 charter school that was previously another type, any property owned by the local school board and used by the charter school will remain with the local school board upon revocation or closure. Lastly, charter schools are required to maintain records of assets acquired with private funds, which will remain the property of the nonprofit group operating the charter school.

Statutes affected:
HB51 Original: 17:3991(H)
HB51 Engrossed: 17:3991(H)
HB51 Enrolled: 17:3991(H)
HB51 Act : 17:3991(H)