; purposes (a) Definitions of social impact bond model and social impact bond project (1) Social impact bond model The term social impact bond model means a method of financing social services in which— (A) Federal funds are awarded to a State or local government only if such State or local government achieves appropriate quantitative levels for certain outcomes agreed upon by the State or local government and the lead agency designated under section 202(a)(2); and (B) the State or local government collaborates with service providers, investors (if applicable to the project), and (if necessary) an intermediary to identify— (i) an intervention expected to produce such achievement on appropriate quantitative levels; (ii) a service provider to deliver the intervention to the target population