It is the intent of the General Assembly to provide a means whereby:

(1) Local schools may choose to substitute an academic or vocational performance based contract or academic and vocational performance based contract approved by both state and local boards of education, called a charter, for state and local rules, regulations, policies, and procedures and the applicability of the provisions of this title other than the provisions of this article; and

(2) Private individuals, private organizations, or state or local public entities (excluding home study programs or schools; sectarian or religious schools; private for profit schools; private educational institutions not established, operated, or governed by the State of Georgia; and existing private schools) may establish a local school which is subject to an academic or vocational performance based contract or academic and vocational performance based contract approved by both state and local boards of education, called a charter, which exempts the local school from state and local rules, regulations, policies, and procedures and from the provisions of this title other than the provisions of this article.