SB3391

Illinois SB3391 mandates financial accountability for charter school closures, requiring operators to maintain closure security and establish.

Illinois SB3391, known as the Charter School Closure Financial Accountability Law, amends the Charter Schools Law to enhance financial oversight for charter schools. The bill requires charter operators to maintain closure security, which must equal three months of the school's average operating expenditures or projected annual budget, depending on the school's operational history. This financial instrument ensures funds are available for student transitions, public asset protection, and other closure-related costs.