Bill Text: CT SB00854 | 2013 | General Assembly | Introduced
Bill Title: An Act Concerning Social Innovation Investment.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2013-05-09 - File Number 783 [SB00854 Detail]
Download: Connecticut-2013-SB00854-Introduced.html
General Assembly |
Raised Bill No. 854 | ||
January Session, 2013 |
LCO No. 3011 | ||
*03011_______HS_* | |||
Referred to Committee on HUMAN SERVICES |
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Introduced by: |
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(HS) |
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AN ACT CONCERNING SOCIAL INNOVATION INVESTMENT.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 4-68aa of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2013):
(a) As used in this section:
(1) "Savings" means a reduction in state expenditures, as defined in an outcome-based performance contract;
[(1)] (2) "Secretary" means the Secretary of the Office of Policy and Management, or the secretary's designee;
[(2)] (3) "Social innovation investment enterprise" means an entity created to coordinate the delivery of preventive social programs by nonprofit service providers, which has the capability of creating a social investment vehicle, entering into outcome-based performance contracts and contracting with service providers;
[(3)] (4) "Social investment vehicle" means an investment product established by a social innovation investment enterprise to raise private investment capital; and
[(4)] (5) "Outcome-based performance contract" means a contract entered into between the secretary and a social innovation investment enterprise that establishes outcome-based performance standards for preventive social programs delivered by nonprofit service providers and provides that investors in any social investment vehicle shall receive a return of their investment and earnings thereon only if outcome-based performance standards are met by the social innovation investment enterprise.
(b) The secretary may enter into an outcome-based performance contract with a social innovation investment enterprise [for the purpose of accepting a United States Department of Justice fiscal year 2012 Second Chance Act Adult Offender Reentry Program Demonstration Category 2 Implementation grant. The outcome-based performance contract between the secretary and a social innovation investment enterprise may provide for payments from the social innovation account, established pursuant to subsection (d) of this section, to the social innovation investment enterprise or to investors or to both.] based on a written proposal deemed sufficient by the secretary to demonstrate that savings will be generated by the social innovation investment enterprise through the accelerated delivery of preventive social programs within the state.
(c) The secretary shall comply with the provisions of section 4e-16 relating to privatization contracts when entering into an outcome-based performance contract with a social innovation investment enterprise pursuant to this section.
(d) There is established an account to be known as the "social innovation account" which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Any interest accruing to the account shall be credited to the account. Moneys may be transferred to the account from the General Fund. [Moneys in the account shall be expended by the Secretary of the Office of Policy and Management for the purposes of facilitating the reentry of moderate and high-risk offenders into the community.] The outcome-based performance contract between the secretary and a social innovation investment enterprise may provide for payments from the social innovation account to the social innovation investment enterprise or to investors, or both. The secretary may apply for and accept gifts, grants or donations from public or private sources to enable the account to be a source of payments to investors purchasing interests in a social investment vehicle.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2013 |
4-68aa |
Statement of Purpose:
To allow for the funding of a wider array of preventive social programs through outcome-based performance contracts.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]