House Bill No. 3372 amends Oklahoma's charter school laws by introducing a Revolving Loan Fund Program for Charter School Capital Expenditures, managed by the Statewide Charter School Board. This program aims to provide loans and loan guarantees to charter schools for capital projects, enabling them to secure funding at lower interest rates. Additionally, the bill establishes a Charter School Bond Credit Enhancement Program to help qualifying charter schools obtain favorable financing for facility expenditures. The eligibility criteria for these programs include operational status, financial standing, and compliance with statutory regulations. The bill also modifies existing provisions regarding fund apportionment to the General Revenue Fund and clarifies repayment obligations for the state, while removing the prohibition on charter schools issuing bonds.

Furthermore, the bill outlines the management of funds, the loan approval process, and the establishment of a Charter School Loan Revolving Fund, which will not be subject to fiscal year limitations. It details the procedures for handling defaults by participating charter schools, including the responsibilities of the bond trustee and the State Comptroller. The legislation specifies that funds withdrawn from the Charter School Bond Credit Enhancement Fund must be repaid by the school, ensuring sustainability. Importantly, bonds issued under this program are classified as special obligations of the charter schools and not state debt, with a cap on the total amount of bonds issued. The act is set to take effect on November 1, 2026.