Relates to the approval of applications of charter schools and establishing the board of regents as the primary charter vetting and oversight authority; provides that charter school applicants shall first apply to the community district education council or the board of education of the school district for approval for renewal of a charter within a certain amount of time and public hearings shall be conducted on such proposed application; provides that school district funding shall be contingent on application certification by the community district education council or the voters of the school district.