(1) Notwithstanding the provisions of section 22-30.5-511, the provisions of this section shall apply if:
The institute board determines that the charter of a qualified charter school, as defined in section 22-30.5-408 (1)(c), will be revoked or will not be renewed; and
The qualified charter school has financed capital construction with revenues frombonds issued on behalf of the qualified charter school by the Colorado educational and cultural facilities authority created in section 23-15-104 (1)(a), C.R.S., pursuant to section 22-30.5-407.
(2) (a) If the institute board makes a determination to revoke or not renew the charter of a qualified charter school and subsection (1) of this section applies, the institute board shall notify the state treasurer and the commissioner of education immediately upon such determination. Upon receipt of such notice, the commissioner shall suspend the revocation or nonrenewal of the charter until such time as the state treasurer, the commissioner, and the Colorado educational and cultural facilities authority determine, with the institute board and the qualified charter school, whether an alternative exists to such revocation or nonrenewal of the charter.
(b) The institute board shall not be required to suspend a revocation or nonrenewal of a charter pursuant to paragraph (a) of this subsection (2) for more than one hundred twenty days after the date that the commissioner of education and the state treasurer received notice of the determination to revoke or not renew the charter pursuant to paragraph (a) of this subsection (2) or sixty days after the action of the state board pursuant to section 22-30.5-511 (5)(b)(II), whichever is later.
(3) The state treasurer, commissioner of education, institute board, charter school, and Colorado educational and cultural facilities authority may pursue the following:
The conversion of the qualified charter school from an institute charter school to aschool of the accounting district of the institute charter school, as defined in section 22-30.5-513
(1)(a);
The reorganization of the qualified charter school and application to the instituteboard or the local board of education of the accounting district for approval as a charter school with the condition that the newly approved charter school will assume the bond obligations of the former qualified charter school pursuant to section 22-30.5-407; or
Any other alternative deemed feasible by the state treasurer, the commissioner ofeducation, the Colorado educational and cultural facilities authority, the institute board, and the qualified charter school.
(4) Nothing in this section shall be construed to prevent the institute board from revoking or not renewing the charter of a qualified charter school pursuant to section 22-30.5511.
Source: L. 2011: Entire section added, (SB 11-188), ch. 186, p. 715, § 7, effective July 1.