Section 11-60-50 - Establishment of trust fund for purpose of making success payments under pay-for-success contracts; receipt of funds; payments(A) There is established in the State Treasury a trust fund for the purpose of making success payments under pay-for-success contracts. Each agency entering into a pay-for-success contract shall provide funding into the trust to cover one hundred percent of the potential success payment upon entering into the contract. The State Treasurer is the trustee and administrator of the trust fund, which must be maintained separately from the General Fund of the State and all other funds. Funds held in the trust are not subject to reversion to the general fund during the term of any pay-for-success contract.(B) The State Treasurer on behalf of the trust fund established for success payment is authorized to receive funds from other governmental entities and nonprofits if they are subject to a valid pay-for-success contract. Upon written authorization by the state agency head whose state agency has entered a pay-for-success contract, the State Treasurer shall make payments from the trust fund.Added by 2021 S.C. Acts, Act No. 52 (SB 461),s 2, eff. 5/17/2021. 2021 Act No. 52, Section 1, provides as follows:
"SECTION 1. This act must be known and may be cited as the 'South Carolina Pay-for-Success Performance Accountability Act'."