§ 6992 — Pay for Success Contract Reserve Account

Delaware § 6992

• Jurisdiction: Delaware
• Title: 29
• Part: Budget, Fiscal, Procurement and Contracting Regulations
• Ch. 69: STATE PROCUREMENT
• Subch.: Pay for Success Contracts

Text

(a) The State Treasurer shall create a Pay for Success Contract Reserve Account for public funds appropriated by the General Assembly for each pay for success contract.

(b) Money held in a Pay for Success Contract Reserve Account is not subject to yearly reversion until the pay for success contract is completed or terminated and all obligations to the program intermediary or investor are satisfied.

(c) An agency head whose agency has entered a pay for success contract may authorize a payment under a pay for success contract from the Pay for Success Contract Reserve Account.

(d) (1) If the amount of funding in the Pay for Success Contract Reserve Account does not equal or exceed the amount of the total payments due to the program intermediary or investor under a pay for success contract if the program intermediary and investor achieve full performance for the services or outcomes under the pay for success contract, the agency head must submit to the Director a schedule detailing how much funding is needed in each remaining year of the pay for success contract to meet the contract obligations.

(2) After the Director approves the schedule under paragraph (d)(1) of this section, the agency head must request an appropriation from the General Assembly as part of the agency’s annual budget request, in the amount required under the schedule to meet the funding requirements under the pay for success contract, during each fiscal year under the term of the contract.

(3) Funds appropriated by the General Assembly under this subsection must be designated as a separately identifiable appropriation.

Legislative History

81 Del. Laws, c. 366, § 1