B.__Monitoring the operations of each charter school to which the chartering authority has granted a charter, including an annual site visit and requiring an annual report, periodic financial reports and periodic enrollment reports, and including a major review prior to renewal of each 5-year contract;

C.__Ensuring that each charter school to which the chartering authority has granted a charter complies with applicable laws and the charter, including provisions of the system of learning results established in section 6209 and the federal No Child Left Behind Act of 2001, 20 United States Code, Chapter 70, and that the charter school follows generally accepted accounting principles as required by state law or as necessary for the school to be eligible to receive federal assistance;

D.__Monitoring the progress of each charter school to which the chartering authority has granted a charter in meeting student academic expectations specified in the charter; and

E.__Placing a charter school on probation if there is evidence that the school is not performing according to its charter.__A school must be given 30 days' notice before being placed on probation, and the chartering authority shall hold a public hearing within 30 days of placing a school on probation.

The chartering authority may require a charter school to which the chartering authority has granted a charter to produce any book, record, paper or document the chartering authority determines necessary for carrying out its functions under this chapter.

5.__Pilot program; repeal.__The charter school program begins with a 10-year pilot phase.

A.__During the pilot phase the following limits apply:

(1)__No more than 20 charter schools statewide may be approved during the pilot phase; and

(2)__A charter school may not enroll more than 20% of a school administrative unit's public school students per