(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 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. The application shall be submitted by the principal of that school or his designee who shall be deemed the applicant. The application shall include all information required of other applications under 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) 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 therein. 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 will apply to the employment and dismissal of teachers at a converted school.