OK SB705

Renames the "Charter Schools Incentive Fund" to the "Charter Schools Incentive and Closure Reimbursement Fund" and expands its purpose to include paying expenditures incurred due to charter school closures.

Modifies weighted average daily membership calculation for new charter school sites or grade levels by multiplying actual August 1 enrollment by 1.333 in the first year of operation, with midyear adjustments using first quarter membership data.

Requires each charter school to pay $5.00 per student based on average daily membership during the first nine weeks to the Charter Schools Incentive and Closure Reimbursement Fund annually, with payments waived if fund balance reaches $1,000,000 or more on July 1.

Directs the Statewide Charter School Board to transfer all remaining funds from the Charter School Closure Reimbursement Revolving Fund to the Charter Schools Incentive and Closure Reimbursement Fund upon the effective date of the act.

Becomes effective July 1, 2025, with emergency clause allowing immediate effect upon passage and approval.