HI HR90

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.

Require consideration of potential investor pools, the state's administrative capacity, and nonprofit organizations capable of meeting predefined measurable outcomes for early learning programs.

Direct evaluation of the target population size, projected financial value including public sector savings and investor returns, and available performance metrics to measure outcomes.

Require assessment of necessary statutory changes and potential legal prohibitions to implement a social impact bond program, with consideration of establishing a pilot project.

Mandate submission of findings, recommendations, and proposed legislation to the Governor and Legislature by 20 days prior to the 2014 Regular Session convening, with Executive Office on Early Learning to submit initial findings to the Legislative Reference Bureau by November 1, 2013.