Senate Bill No. 705 amends existing laws related to charter schools in Oklahoma, specifically focusing on the Charter Schools Incentive Fund and the funding mechanisms 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, it mandates that the Statewide Charter School Board administer the fund and allocate resources on a per-pupil basis for matching federal grants.

The bill also modifies the calculation of weighted average daily membership for new charter schools and virtual charter schools, ensuring they receive appropriate funding based on their enrollment. It establishes that charter schools will pay a fee of $5 per student to the newly named fund, with provisions for waiving this fee if the fund's balance exceeds $1 million. Furthermore, it directs the transfer of remaining funds from the previous Charter School Closure Reimbursement Revolving Fund to the new fund. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.