All pay-for-success contracts require approval by the authority prior to competitive solicitation or contract formation, whichever is earlier. The authority may exempt a state agency from this requirement. The authority must consider, at a minimum, the availability and source of funds to make success payments, the qualifications and independence of the independent evaluator, the proposed performance measures, and the stated public benefit or financial savings to the State, including the state agency head’s written explanation as required by § 11-60-20. If the authority exempts a state agency from obtaining authority approval, then the state agency must keep the state agency head’s written explanation of benefits and savings in its records. Nothing herein exempts a pay-for-success contract from Chapter 35 of Title 11.