The bill aims to amend and reenact the existing provisions related to the Charter Schools Startup Fund in West Virginia. It changes the name of the fund from the "Charter Schools Stimulus Fund" to the "Charter Schools Startup Fund" and expands the purposes for which the fund can be used, now including costs associated with personnel, instructional materials, educational equipment, and emergency costs, in addition to previous uses. The bill mandates that charter school applicants must submit an application to the West Virginia Professional Charter School Board to access these funds, and the Board is required to notify potential applicants about the fund's availability. Furthermore, it establishes a competitive preference system for distributing funds when demand exceeds availability, prioritizing certain applicants based on criteria such as the age of the school and its location.

Additionally, the bill modifies the distribution process for funds, allowing for an initial grant of up to $300,000 to be awarded to qualifying charter school applicants or schools at any point from contract initiation to the end of their third year of operation. It also allows for an additional grant of up to $100,000 under similar conditions. The bill eliminates previous criteria that applicants had to demonstrate to receive funds and specifies that if a charter school fails to begin operations within 30 months of receiving a grant, they must repay the amount with interest, although the West Virginia Professional Charter School Board has the discretion to extend this timeframe in extenuating circumstances.

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