The bill amends and reenacts section 18-5G-17 of the Code of West Virginia, changing the name of the "Charter Schools Stimulus Fund" to the "Charter Schools Startup Fund." It establishes new requirements for charter school applicants to submit an application to the West Virginia Professional Charter School Board to receive funds from this newly named fund. 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 start-up costs, including personnel, instructional materials, and educational equipment.

Furthermore, the bill modifies the distribution process of funds, allowing the West Virginia Professional Charter School Board to establish a competitive process if the number of applicants exceeds available funding. It eliminates previous criteria that applicants had to demonstrate to qualify for funding and adjusts the time frame for fund distribution. The bill also stipulates that applicants who receive grants and fail to start operating a charter school within 30 months must repay the grant amount plus interest, although the board has the discretion to extend this time frame in extenuating circumstances.

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