Section 6990 - DefinitionsFor the purposes of this subchapter:
(1) "Outcome payment" means the money paid when a Pay for Success contract performance measure is met.(2) "Pay for Success contract" means a written agreement to provide a program, service, or economic development initiative, under which an investor provides funding that a state agency agrees to repay to the investor if the service, program, or economic development initiative meets the performance measures and outcomes in the agreement.(3) "Program intermediary" means a firm that contracts with a State agency to establish and deliver a service, program, or economic development initiative by doing any of the following: a. Delivering or contracting for relevant services or outcomes.b. Raising capital to finance the delivery of services or outcomes.c. Providing ongoing project management and investor relations for the social impact funding instrument.d. Raising capital to create jobs in scalable, high-growth startups.Added by Laws 2017, ch. 366,s 1, eff. 8/8/2018.