(a) An authorizer's approval of a public charter school application must be in the form of a written charter agreement signed by the sponsor and the authorizer, which shall be binding upon the governing body of the public charter school. The charter agreement for a public charter school must be in writing and must contain all material components of the approved application required under § 49-13-107(b).

(b) A charter agreement expires ten (10) academic years after the first day of instruction. A public charter school may delay, for a period not to exceed one (1) academic year, the school's initial opening. If the public charter school requires a delay in the school's initial opening of more than one (1) academic year, then the school must obtain approval of the delay from the school's authorizer.

(c) A renewal of a charter agreement shall be for a period of ten (10) academic years.

(d) The governing body of the public charter school may petition the authorizer to amend the original charter agreement. Timelines for approval and the appeal process will be determined by the state board of education. If the authorizer is the state board of education or the commission, then no appeal may be made of the state board of education's or the commission's decision to deny a petition to amend the charter agreement. The governing body of a public charter school may also petition the authorizer for voluntary termination of the charter agreement before the charter agreement expires.

(e)

(1) Upon the termination of a charter agreement and upon the closure of a public charter school for any reason, any unencumbered public funds from the public charter school automatically revert back to the authorizer. If a charter agreement is terminated and the public charter school is closed, all property and improvements, furnishings, and equipment purchased with public funds automatically revert back to the LEA, subject to complete satisfaction of any lawful liens or encumbrances.

(2) If a public charter school is closed for any reason, then the public charter school is responsible for all debts of the public charter school. The authorizer shall not assume the debt from any contract for goods or services made between the governing body of the public charter school and a third party, except for a debt that is previously detailed and agreed upon in writing by the authorizer and the governing body of the public charter school, and that may not reasonably be assumed to have been satisfied by the authorizer.