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 renames the existing fund to the "Charter Schools Incentive and Closure Reimbursement Fund" and expands its purpose to include financial support for charter school applicants, start-up costs, renovation expenses, and expenditures incurred due to the closure of charter schools. Additionally, the bill mandates that the Statewide Charter School Board administer this fund and allows for the allocation of funds on a per-pupil basis for matching federal grants.

Furthermore, the bill modifies the calculation of weighted average daily membership for new charter schools and virtual charter schools, ensuring they receive appropriate funding based on their actual enrollment. It also stipulates that each charter school must pay a fee of $5 per student to the newly named fund during the first nine weeks of the school year, with exemptions if the fund's balance exceeds $1 million. The bill includes provisions for the transfer of remaining funds from the previous Charter School Closure Reimbursement Revolving Fund to the new fund, thereby streamlining financial management for charter schools in Oklahoma.