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

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

Directs 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

Modifies the first-year funding calculation for new charter school sites or grade levels to include the actual enrollment of students as of August 1 multiplied by 1.333

Takes effect July 1, 2025, with an emergency clause allowing immediate implementation upon passage and approval