(A) An existing public school may be converted into a charter school if two-thirds of the faculty and instructional staff employed at the school and two-thirds of all voting parents or legal guardians of students enrolled in the school agree to the filing of an application with the local school board of trustees for the conversion and formation of that school into a charter school. All parents or legal guardians of students enrolled in the school must be given the opportunity to vote on the conversion. Parents or guardians of a student shall have one vote for each student enrolled in the school seeking conversion. The application must be submitted pursuant to Section 59-40-70(A)(6) by the principal of that school or his designee who must be considered the applicant. The application must include all information required of other applications pursuant to this chapter. The local school board of trustees shall approve or disapprove this application in the same manner it approves or disapproves other applications.
(B) A converted charter school shall offer at least the same grades, or nongraded education appropriate for the same ages and education levels of pupils, as offered by the school immediately before conversion, and also may provide additional grades and further educational offerings.
(C) All students enrolled in the school at the time of conversion must be given priority enrollment.
(D) Teachers and other employees of a converted school who desire to teach or work at the converted school may do so but shall remain employees of the local school district with the same compensation and benefits including any future increases. The converted charter school quarterly shall reimburse the local school district for the compensation and employer contribution benefits paid to or on behalf of these teachers and employees. The provisions of Article 5, Chapter 25 of Title 59 apply to the employment and dismissal of teachers at a converted school.