Effective: October 17, 2019
Latest Legislation: House Bill 166 - 133rd General Assembly
(A) There is in the state treasury the state pay for success contract fund. The fund shall consist of any moneys transferred to the treasurer of state by state agencies for the purpose of making payments to service intermediaries under pay for success contracts the treasurer of state and the director of administrative services enter into on behalf of the state agencies and any moneys appropriated to the fund. Any investment earnings on the fund shall be credited to it. The treasurer shall use the moneys in the fund for the purpose of implementing and administering the pay for success contracting program with respect to pay for success contracts that benefit the state. When the term of a pay for success contract expires, the treasurer of state shall transfer any remaining unencumbered funds received from a state agency or group of state agencies for the purpose of making payments under the contract to that agency or group.
(B) There is in the state treasury the federal pay for success contract fund. The fund shall consist of any moneys the treasurer receives from federal agencies pursuant to grant agreements for the purpose of entering into pay for success contracts. Any investment earnings on the fund shall be credited to it. The treasurer shall use the moneys in the fund in accordance with those grant agreements. When the term of a pay for success contract expires, the treasurer of state shall transfer any remaining unencumbered funds received from a federal agency pursuant to a grant agreement in accordance with the grant agreement.
(C) There is in the state treasury the local government pay for success contract fund. The fund shall consist of any moneys paid to the treasurer of state by political subdivisions for the purpose of making payments to service intermediaries under pay for success contracts the treasurer enters into on behalf of the political subdivisions. Any investment earnings on the fund shall be credited to it. The treasurer shall use the moneys in the fund for the purpose of implementing and administering the pay for success contracting program with respect to pay for success contracts that benefit those political subdivisions. When the term of a pay for success contract expires, the treasurer of state shall transfer any remaining unencumbered funds received from a political subdivision or group of political subdivisions for the purpose of making payments under the contract to that political subdivision or group.