OK SB674

Renames the "Charter Schools Incentive Fund" to the "Charter Schools Incentive and Closure Reimbursement Fund" and expands its purpose to include paying expenditures incurred when charter schools close

Requires charter schools to pay $5.00 per student (based on average daily membership during the first 9 weeks) annually to the renamed fund, with payment due within 30 days after the first 9 weeks

Waives the per-student payment requirement if the fund balance reaches $1,000,000 or more on July 1

Expands first-year funding calculations (enrollment multiplied by 1.333) to apply to new charter school sites or grade levels, not just entirely new charter schools

Directs the Statewide Charter School Board to transfer all remaining funds from the Charter School Closure Reimbursement Revolving Fund into the newly renamed consolidated fund upon the act's effective date