Colo. Rev. Stat. § 24-37-402

Current through 11/5/2024 election

Section 24-37-402 - Definitions

As used in this part 4, unless the context otherwise requires:

(1) "Contract" means a pay for success contract entered into by the office and a lead contractor, or the office, one or more local governments, and a lead contractor as authorized by section 24-37-403.

(2) "Fund" means the pay for success contracts fund created in section 24-37-403.

(3) "Investor" means a person or entity that is not a lead contractor or provider and that provides working capital to fund the provision of services under a contract.

(4) "Lead contractor" means an organization or local government selected by the director of the office to participate in the state program by:

(a) Entering into a pay for success contract with the office or with the office and one or more local governments, as applicable, to provide program-eligible interventions directly or through subcontracts with other providers;

(b) Overseeing the provision of program-eligible interventions by any other providers with which it subcontracts; and

(c) Using its own money or borrowing money to pay the costs of providing program-eligible interventions throughout the contract as negotiated by the parties and, if the program-eligible interventions that it provides meet the defined performance targets established in a pay for success contract, receiving success payments.

(5) "Local government" means a county, municipality, or school district.

(6) "Program-eligible interventions" means services provided in order to improve the lives and living conditions of individuals by increasing economic opportunity and the likelihood of healthy futures and promoting child and youth development.

(7) "Provider" means a person or entity that provides program-eligible interventions on a for-profit or nonprofit basis. "Provider" includes:

(a) A lead contractor that provides program-eligible interventions directly rather than entering into subcontracts with other providers for the provision of such interventions; and

(b) A local government, which may be the same local government that establishes a program-eligible interventions program, that provides program-eligible interventions.

(8) "School district" means any public school district organized under state law or an institute charter school created pursuant to part 5 of article 30.5 of title 22, C.R.S. "School district" does not include a local college district.

(9) "State program" means the pay for success contracts program established in section 24-37-403.

(10) "Success payments" means payments made to the lead contractor for meeting defined performance targets specified in a pay for success contract.

C.R.S. § 24-37-402

L. 2015: Entire part added, (HB 15-1317), ch. 205, p. 737, § 1, effective May 20.