(a) Upon the dissolution, nonrenewal, or revocation of an open-enrollment public charter, the following property shall be sold, unless the Commissioner of Elementary and Secondary Education determines otherwise:

1. (1) Real property or fixtures purchased or financed in whole or in part by the open-enrollment public charter school with state funds;
2. (2) Real property or fixtures purchased or financed in whole or in part by the sponsoring entity with federal grant funds administered by the Division of Elementary and Secondary Education, unless federal law requires some other method of distribution;
3. (3) Personal property encumbered by a recorded security interest or lien and purchased or financed by the open-enrollment public charter school in whole or in part with state funds;

4. (4) Personal property purchased or financed in whole or in part with state funds by an open-enrollment public charter school that never:

   1. (A) Received federal funds; and
   2. (B) Directly benefited from a federal grant administered by the division; and
5. (5) Any other personal property not distributed as provided by subsection (c) and subsection (d) of this section.

(b)

1. (1) The state has a perfected priority security interest in the net proceeds from the sale or liquidation of property sold pursuant to subsection (a) of this section to the extent of the public funds used in the purchase.
2. (2) For the purpose of this section, “net proceeds” means the sale proceeds remaining after the satisfaction of all lien, security, ownership, or other interests that supersede the state’s interest.

(d)

1. (1) If the open-enrollment public charter school or its sponsoring entity received a federal grant administered by the division, then all other personal property including furniture, equipment, and supplies purchased with state or federal funds may be redistributed to other Arkansas public charter schools or traditional public schools as allowed by federal law.
2. (2) The division shall redistribute the items listed in this subsection by notifying all open-enrollment public charter schools of the available items.

3. (3) If there is more than one (1) open-enrollment public charter school that expresses interest in an item, the division shall:

   1. (A) Use a rubric to redistribute the items pursuant to priorities below; and
   2. (B) Distribute the property to the school with the highest number of points:

(i) Open-enrollment public charter schools with the same educational model shall receive five (5) points;

1. (ii) Open-enrollment public charter schools in the same geographic area shall receive five (5) points;

   1. (iii) Open-enrollment public charter schools with a free and reduced lunch percent greater than seventy percent (70%) shall receive four (4) points;

      1. (iv) Open-enrollment public charter schools that are in the first two (2) years of operation shall receive three (3) points;
      2. (v) Open-enrollment public charter schools that have expanded to new grade levels, new locations, or new campuses in the previous two (2) years shall receive three (3) points; and
      3. (vi) Open-enrollment public charter schools that did not receive start-up funds shall receive two (2) points.