The bill amends existing laws related to charter schools in Oklahoma, specifically focusing on the Charter Schools Incentive Fund and the calculation of state funding for charter schools. It establishes a new fund called the Charter Schools Incentive and Closure Reimbursement Fund, which will provide financial support for charter school start-up costs, renovation expenses, and expenditures incurred due to the closure of charter schools. The fund will consist of appropriated monies, gifts, grants, and donations, as well as funds received from charter schools. The Statewide Charter School Board is tasked with administering this fund and is authorized to allocate matching funds for federal grants.

Additionally, the bill modifies the calculation of weighted average daily membership for new charter school sites or grade levels, allowing for an initial calculation based on actual enrollment multiplied by a factor of 1.333. It also clarifies that charter schools will receive state aid and federal funds based on their enrollment, while limiting the fees that sponsors can charge for administrative services. The bill further stipulates that if the Charter Schools Incentive and Closure Reimbursement Fund has a balance of $1 million or more, no payments will be required from charter schools for the following school year. Overall, the bill aims to enhance financial support and clarify funding mechanisms for charter schools in Oklahoma.