The bill proposes the establishment of the Charter Schools Startup Fund within the State Treasury, aimed at providing financial assistance to charter school applicants and existing charter schools that lack the necessary resources for start-up costs. This fund will be composed of legislative appropriations, grants, gifts, and donations, and will be administered by the West Virginia Professional Charter School Board. The fund will not revert to the General Revenue Fund at the end of the fiscal year, allowing it to be utilized for future expenditures as outlined in the bill.

To access funds from the Charter Schools Startup Fund, applicants must submit a detailed application to the West Virginia Professional Charter School Board, demonstrating their financial need and independence from organizations that primarily facilitate charter school operations. The bill specifies that qualifying applicants may receive an initial grant of up to $300,000 within the first two years of operation, with a reimbursement requirement if they fail to start a charter school within 30 months. Additionally, they may apply for a further grant of up to $100,000 under similar conditions. The bill emphasizes the importance of supporting charter schools in their initial phases to ensure their successful establishment and operation.

Statutes affected:
Introduced Version: 18-5G-18