Bill > SB946

This bill creates the "Pay for Success Act" in Oklahoma. The key provisions are: 1. The bill authorizes state agencies to enter into "pay-for-success contracts" with private entities, where the private entity provides upfront capital to fund a service or program, and the agency only makes "success payments" to the private entity if specified performance targets and outcome measures are achieved. 2. The bill establishes the "Pay-for-Success Innovation Fund" in the State Treasury, which can be used by the Office of Management and Enterprise Services to make success payments to private entities under the pay-for-success contracts. 3. The bill requires annual reporting by the agency to the legislative appropriations committees on the performance of the pay-for-success contracts. 4. The bill allows municipalities, counties, and other local jurisdictions to also use pay-for-success contracts. The bill is intended to spur innovation and address outcomes that span multiple agencies, by authorizing a new public-private partnership model where the private sector bears the upfront financial risk.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb946&Session=1900