The bill amends the existing law regarding the Charter Schools Startup Fund in West Virginia, changing its name from the Charter Schools Stimulus Fund to the Charter Schools Startup Fund. It establishes new requirements for charter school applicants, including the necessity to submit an application to the West Virginia Professional Charter School Board to access funds. The bill mandates that the Board notify potential applicants about the availability of funds and outlines specific contents that must be included in the application. Additionally, it expands the permissible uses of the funds to cover a broader range of startup costs, including personnel, instructional materials, and security systems, while also allowing the Board to implement a competitive process if the number of applicants exceeds available funding.

Furthermore, the bill modifies the distribution process of funds, allowing for an initial grant of up to $300,000 to be awarded to qualifying charter school applicants or schools, which can be accessed as soon as a valid contract is established. It also permits an additional grant of up to $100,000 for those who have received the initial grant. The bill eliminates previous criteria that applicants had to demonstrate to qualify for funding and specifies that if a charter school fails to begin operations within 30 months of receiving a grant, they must repay the funds with interest, although the Board has the discretion to extend this timeframe in extenuating circumstances.

Statutes affected:
Introduced Version: 18-5G-18
Committee Substitute: 18-5G-17