OK SB674

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

Adds monies received from charter schools (pursuant to the $5.00 per-student payment requirement) as a new funding source for the renamed fund

Extends the first-year weighted average daily membership calculation (August 1 enrollment × 1.333) to apply to new charter school sites or grade levels, not just new charter schools

Redirects the required $5.00 per-student annual payment from charter schools to the renamed fund instead of the former Charter School Closure Reimbursement Revolving Fund

Requires the Statewide Charter School Board to transfer all remaining funds from the Charter School Closure Reimbursement Revolving Fund to the newly renamed Charter Schools Incentive and Closure Reimbursement Fund upon the act's effective date