§62-9010.1. Short title – Pay for Success Act.
This act shall be known and may be cited as the “Pay for Success Act”. Added by Laws 2019, c. 202, § 1, eff. Nov. 1, 2019.
§62-9010.2. Legislative intent.
A. It is the intent of the Legislature, through enactment of the Pay for Success Act, to: 1. Authorize innovation opportunities in the form of pay-for-success contracts and authorize success payments to be made from appropriated or other agency funds; 2. Address outcomes that span the mission and purpose of multiple agencies; and 3. Provide […]
§62-9010.3. Definitions.
As used in the Pay for Success Act: 1. “Pay–for-success contract” or “contract” means a written agreement executed in order to create a public-private partnership contingent upon a specified service or program meeting specified performance targets and outcome measures; and 2. “Success payment” means a single payment or schedule of payments that is identified in […]
§62-9010.4. Pay-for success contract requirements.
A. An agency or agencies may enter into a pay-for-success contract with a private entity or entities to receive up-front capital to fund a service or program. The agency or agencies may not enter into a pay-for-success contract until each state agency head entering into the contract determines with reasonable certainty that the contract will […]
§62-9010.5. Pay for Success Innovation Fund.
A. There is hereby created in the State Treasury a revolving fund for the Office of Management and Enterprise Services to be designated the “Pay for Success Innovation Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies designated by state agencies to the Pay […]
§62-7003. Incentive Evaluation Commission – Incentive Approval Committee.
A. There is hereby established the Incentive Evaluation Commission consisting of: 1. A certified public accountant appointed by the Oklahoma Accountancy Board whose term shall expire on June 30, 2019; 2. The president of the Oklahoma Professional Economic Development Council or his or her designee who is also a member of the Oklahoma Professional Economic […]
§62-7004. Periodic evaluations – Exemptions.
A. The Incentive Evaluation Commission shall ensure that each incentive is evaluated at least once every four (4) years unless the Commission determines that the incentive is exempt from evaluation. The Commission may exempt from evaluation any incentive that it concludes has a minimal fiscal impact. The Commission shall determine a specific threshold amount which […]
§62-7005. Contractors – Evaluation process – Requirements – Criteria – Records disclosure.
A. The Commission may contract with a private company, nonprofit, or academic institution to assist with evaluation of each incentive. The Commission shall develop a scope of services for a request for proposals issued pursuant to The Oklahoma Central Purchasing Act, Section 85.1 et seq. of Title 74 of the Oklahoma Statutes, for professional services […]
§62-8011. Legislative Office of Fiscal Transparency.
A. There is hereby created within the Legislature the Legislative Office of Fiscal Transparency (LOFT). The purpose of the Office shall be to assist the Legislature in performing its constitutional and statutory function of ensuring that government funds are expended in a fiscally responsible manner. B. The operations of the Office shall be overseen by […]
§62-8012. Duties of the Office.
A. The Legislative Office of Fiscal Transparency shall: 1. Gather information regarding the proposed budgets of executive branch agencies each fiscal year; 2. Analyze the information and evaluate the extent to which the agency budget does or does not fulfill the agency’s primary duties and responsibilities under applicable provisions of federal, state or other law; […]