Sec. 5. (a) The state board may award grants under this chapter, subject to appropriations by the general assembly for this purpose, to a charter school that:

(1) applies on a form and in a manner established by the state board;

(2) submits with the application a budget plan to the state board detailing the expenses for which money from a grant awarded under this chapter would be used;

(3) submits with the application a facilities master plan and the associated facilities budget plan; and

(4) submits any other information prescribed by the state board.

     (b) The amount of a grant awarded under this chapter to each charter school may not exceed an amount equal to STEP TWO in the following formula:

STEP ONE: Determine the result of:

(A) the total amount of funds appropriated by the general assembly in a state fiscal year for grants under the program; divided by

(B) the sum total of current ADM for all charter schools, not including students for whom, of the instructional services that the students receive from the charter schools, more than fifty percent (50%) is virtual instruction.

STEP TWO: Determine the result of:

(A) the STEP ONE result; multiplied by

(B) the applicable charter school’s current ADM, not including a student for whom, of the instructional services that the student receives from the charter school, more than fifty percent (50%) is virtual instruction.

As added by P.L.189-2023, SEC.6.