Bill
Bill > SB946
summary
Introduced
02/04/2019
02/04/2019
In Committee
02/11/2019
02/11/2019
Crossed Over
Passed
Dead
05/29/2020
05/29/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act relating to public finance; creating the Pay for Success Act; stating legislative intent; defining terms; authorizing agencies to enter into pay-for- success contracts; establishing contract requirements; requiring certain report to Legislature; requiring payments to be made only in accordance with terms of the contract; establishing the Pay-for-Success Innovation Fund within the Office of Management and Enterprise Services; providing for return of funds to agencies; authorizing adoption of rules; providing for codification; and providing an effective date.
AI Summary
This bill creates the "Pay for Success Act" in Oklahoma, which authorizes state agencies to enter into pay-for-success contracts with private entities. These contracts allow private entities to provide upfront capital to fund a service or program, and the state will only make "success payments" to the private entity if the service or program meets specified performance targets and outcome measures, as evaluated by an independent third-party. The bill also establishes the "Pay-for-Success Innovation Fund" within the Office of Management and Enterprise Services to fund these success payments, and requires annual reporting to the legislature on the outcomes of the pay-for-success contracts.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Second Reading referred to Appropriations (on 02/11/2019)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb946&Session=2000 |
Loading...