For purposes of this title, the following definitions apply:
(a) “Board” means the Board of State and Community Corrections.
(b) “Social innovation financing contract,” which may also be known and referred to as a “pay for success contract,” refers to a contractual agreement between government, private investors, and service providers pursuant to which private investors agree to provide financing to service providers to achieve social outcomes agreed upon in advance and the government agency agrees to pay a return on the investment to the investors if successful programmatic outcomes are achieved by the service provider.
(Added by Stats. 2014, Ch. 802, Sec. 2. (AB 1837) Effective January 1, 2015. Repealed as of January 1, 2022, pursuant to Section 97015.)
Last modified: October 8, 2018