HI HCR119

Request the Executive Office on Early Learning, in consultation with the Department of Budget and Finance, to conduct a feasibility study on using social impact bonds to fund early learning programs and services in Hawaii.

Direct the study to examine the potential investor pool, state administrative capacity, nonprofit organizations capable of meeting measurable outcomes, target population size, projected financial value, and performance metrics for social impact bond programs.

Require consideration of statutory changes necessary to implement a social impact bond program and evaluation of any legal prohibitions that may prevent implementation.

Request feasibility analysis of establishing a social impact bond pilot project, including solicitation of philanthropic donations, bond contract terms, and performance metrics for measuring outcomes.

Require submission of findings, recommendations, and proposed legislation to the Governor and Legislature no later than 20 days before the 2014 Regular Session convening, with findings due to the Legislative Reference Bureau by November 1, 2013.