(1) The department may enter into a results-based contract to fund participation of eligible students in a high quality school readiness program in accordance with this part. (2) (a) The department shall include an investor as a party to a results-based contract. (b) The department may provide for a repayment to an investor to include a return of investment and an additional return on investment, dependent on achievement of the performance outcome measures set in the results-based contract. (c) The additional return on investment described in Subsection (2)(b) may not exceed 5% above the current Municipal Market Data General Obligation Bond AAA scale for a 10 year maturity at the time of the issuance of the results-based contract. (d) Funding obtained for an early education program through a results-based contract that includes an investor is not a procurement item under Section 63G-6a-103. (e) A results-based contract that includes an investor shall include: (i) a requirement that the repayment to the investor be conditioned on achieving the performance outcome measures set in the results-based contract; (ii) a requirement for an independent evaluator to determine whether the performance outcome measures have been achieved; (iii) a provision that repayment to the investor is: (A) based upon available money in the School Readiness Restricted Account described in Section 35A-15-203; and (B) subject to legislative appropriations; and (iv) a provision that the investor is not eligible to receive or view personally identifiable student data of students funded through the results-based contract. (f) The department may not issue a results-based contract if the total outstanding obligations of results-based contracts that include an investor as a party to the contract would exceed $15,000,000 at any one time. (3) The department shall require an independent evaluation to determine if a school readiness program meets the performance outcome measures included in a results-based contract. (4) If the department enters into a results-based contract, in accordance with Title 63G, Chapter 6a, Utah Procurement Code, the department shall select an independent evaluator with experience in evaluating school readiness programs. (5) (a) At the end of each year of a results-based contract after a student funded through a results- based contract completes kindergarten, the independent evaluator shall determine whether the performance outcome measures set in the results-based contract have been met. (b) The department may not pay an investor unless the evaluation described in Subsection (5)(a) determines that the performance outcome measures in the results-based contract have been met. (6) (a) The department shall ensure that a parent or guardian of an eligible student participating in a program funded through a results-based contract has given permission and signed an acknowledgment that the student's data may be shared for research and evaluation purposes, subject to federal law. (b) The department shall maintain documentation of parental permission required in Subsection (6)(a).
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