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 security systems, among others.

The bill also modifies the distribution process of the 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 the school enters into a valid contract and up until the end of the second year of operation. If the school does not begin operations within 30 months, the applicant must repay the grant with interest. Furthermore, applicants may seek an additional grant of up to $100,000 under similar conditions. The bill eliminates previous criteria that applicants had to demonstrate to qualify for funding and allows the board to establish a competitive process if the number of applicants exceeds available funding.

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