Charter School Amendments

The Charter School Revolving Account is renamed and restructured as the Charter School Revolving Fund, shifting administration from the state board to the Utah Charter Finance Authority.

New loan terms are established, limiting facility additions to $1,000,000 and facility acquisitions to 25% of the requested amount, with all loans requiring a deed of trust.

Charter school governing board members are now required to take and subscribe to a formal oath of office before assuming their duties.

The bill explicitly clarifies that charter schools are public schools for all legal purposes, including eligibility for funding and access to public facilities.

Charter schools are granted equal rights to purchase decommissioned school property from school districts, matching the rights of other eligible entities.

Restrictions are placed on charter schools that purchase decommissioned property, requiring them to offer the property back to other schools or eligible entities before selling it to anyone else.

The state board is prohibited from making new loans from the old account starting July 1, 2026, at which point its assets must be transferred to the new Fund.

The Charter School Revolving Account is being replaced by the Charter School Revolving Fund, shifting administrative control from the state board to the Utah Charter Finance Authority.

New Section 53G-5-406.5 requires all charter school governing board members to take and subscribe to a specific oath of office before assuming their duties.

New Section 53G-4-904 grants charter schools the first option to purchase decommissioned school buildings and associated real property before they are offered to other eligible entities.

Section 53G-5-104 is amended to explicitly state that charter schools are public schools for all legal purposes, including eligibility for funding and access to public facilities.

New restrictions are placed on charter schools that purchase decommissioned property, requiring them to offer the property back to other charter schools and then school districts before selling it to any other entity.

The transfer of assets and unused funds from the old Account to the new Fund is scheduled to occur on July 1, 2026.