(a) The agency shall deposit funds received under Sections 12.106, 12.128, 12.1281, 12.1283, and 12.1284 into the charter school liquidation fund and may use the funds to:
(1) pay expenses relating to managing and closing an open-enrollment charter school that ceases to operate, including:
(A) maintenance of the school’s student and other records; and
(B) the agency’s personnel costs associated with managing and closing the school;
(2) dispose of property described by § 12.128; and
(3) maintain property described by § 12.128, including expenses for insurance, utilities, maintenance, and repairs.
(b) The agency may not use funds under this section until the commissioner determines if the open-enrollment charter school that ceases to operate received an overallocation of funds under § 12.106 that must be recovered for the Foundation School Program.

(c) The agency shall annually review the amount of funds in the charter school liquidation fund and transfer any funds exceeding $2 million:
(1) for use in funding a grant program established by the agency to:
(A) encourage high school students to enter the teaching profession; and
(B) assist current paraprofessionals and instructional aides in pursuing the necessary credentials to become full-time teachers; or
(2) to the comptroller to deposit in the charter district bond guarantee reserve fund under § 45.0571.
(d) The agency may delay a transfer of funds under Subsection (c) if the excess is less than $100,000. Funds set aside for an overallocation of funds from the Foundation School Program are not included in determining whether the amount of funds exceeds $2 million.
(e) The commissioner may adopt rules necessary to implement this section.