§ 11-60-10

For the purposes of this chapter: (1) 'Authority' means the State Fiscal Accountability Authority. (2) 'Independent evaluator' means a qualified person or entity selected by a state agency, and with whom a state agency contracts, to provide independent evaluation services to determine if performance measures have been achieved within a stated period under a pay-for-success contract. An independent evaluator must be identified prior to submitting a pay-for-success proposal to the authority, as required by Section 11-60-30. (3)(a) 'Pay-for-success contract' means a written agreement between a state agency and a private-sector organization under which: (i) the private-sector organization provides a program or service, including a related project management service; (ii) the parties set forth performance measures for a given population over a certain period of time that the private-sector organization intends to achieve; (iii) the parties agree to an amount that the private-sector organization earns if the performance measures are achieved within the stated time period and agree that the success payment is due to the private-sector organization only if it achieves these performance

ization earns if the performance measures are achieved within the stated time period and agree that the success payment is due to the private-sector organization only if it achieves these performance measures within the stated period; and (iv) any other provisions are included as required by Section 11-60-40. (b) 'Pay-for-success contract' does not mean a guaranteed energy, water, or wastewater savings contract or a contract subject to Article 9, Chapter 35, Title 11. (4) 'Performance measures' means specific, measurable, time-based goals, the completion of which predicates payment under a pay-for-success contract. (5) 'Private-sector organization' means a firm or nonprofit organization that contracts with a state agency in a pay-for-success contract. (6) 'Success payment' means the money paid when a pay-for-success contract performance measure is met. HISTORY: 2021 Act No. 52 (S.461), Section 2, eff May 17, 2021.