Fund. A. There is hereby created in the State Treasury a fund to be designated the “Charter Schools Incentive and Closure Reimbursement Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies appropriated by the Legislature, gifts, grants, devises, and donations from any public or private source, and all monies received by the Statewide Charter School Board from charter schools pursuant to subsection G of Section 3-142 of this title. The Statewide Charter School Board shall administer the fund for the purpose of providing financial support to charter school and virtual charter school applicants, charter schools and virtual charter schools for start-up costs, costs associated with renovating or remodeling existing buildings and structures for use by a charter school, and for paying expenditures incurred due to closure of a charter school. The Statewide Charter School Board is authorized to allocate funds on a per-pupil basis for purposes of providing matching funds for the federal State Charter School Facilities Incentive Grants Program created pursuant to the No Child Left Behind Act of 2001, 20 U.S.C., Section 7221d. B. The Statewide Charter School Board shall adopt rules to implement the provisions of this section including application and notification requirements. Added by Laws 1999, c. 351, § 16, emerg. eff. June 8, 1999. Amended by Laws 2004, c. 472, § 3, emerg. eff. June 7, 2004; Laws 2023, c. 323, § 13, eff. July 1, 2024; Laws 2025, c. 294, § 1.
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