OAR 581-026-0515: Distribution of Assets of a Terminated or Dissolved Public Charter School

(1) Assets of a terminated, closed or dissolved public charter school that were obtained with public funds will be given to the State Board of Education. The State Board of Education, at its discretion, may disburse these assets to school districts or to other public charter schools. (2) The State Board of Education delegates to the Director of the Oregon Department of Education or the director's designee all administrative functions necessary or reasonable in order to disburse the assets. This delegation to the Director of the Oregon Department of Education or the director's designee includes, but is not limited to: (a) Determining the form, process, and timelines for the disbursement; (b) Determining the records required for the disbursement; and (c) Requiring the public charter school governing body or school district board to respond to written or oral inquiries related to the closure and assets of the public charter school. (3) Assets of a terminated, closed or dissolved public charter that were obtained with grant funds will be disbursed according to the terms of the grant. If the grant is absent any reference to ownership or distribution of assets, assets of a terminated, closed or dissolved public charter school will be disbursed according to the provision set out in subsection (2) of this rule.