IL HB5063

Charter operators must execute renewal agreements within 90 days of authorizer approval or face automatic nonrenewal and loss of all district funding, including per-pupil payments and grants

Charter schools must maintain closure security equal to 3 months of operating expenditures through escrow accounts, surety bonds, letters of credit, or segregated reserve funds

Closure security funds must be used in priority order for student transition costs, outstanding employee payroll and benefits, records transfer, return of public assets, and administrative closure costs

Authorizers may appoint an independent fiscal manager for up to 180 days when charter schools are in financial distress, with authority limited to financial matters to stabilize operations

If closure security is insufficient, authorizers or the State Board may bring civil action against charter operators and impose liens on their property to recover unpaid closure costs