Delaware Code Title 29 Sec. 6992 – Pay for Success Contract Reserve Account
(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.
Terms Used In Delaware Code Title 29 Sec. 6992
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(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.