Senate Bill No. 705 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. The bill 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 modifies the calculation of weighted average daily membership for new charter school sites or grade levels, allowing for an initial revenue allocation based on a multiplier of actual enrollment.

Furthermore, the bill stipulates that each charter school must pay an amount of $5 per student to the newly named fund during the first nine weeks of the school year, with certain conditions regarding the fund's balance affecting future payments. It also mandates the transfer of remaining funds from the previous Charter School Closure Reimbursement Revolving Fund to the new Charter Schools Incentive and Closure Reimbursement Fund. The bill is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.