The bill aims to provide funding for the Correctional Facilities Set-Aside by transferring funds from the Securities Reserve Fund. It amends Arkansas Code 19-5-905(a)(12) to specify that after certain distributions, funds will be allocated to the Correctional Facilities Set-Aside in the Restricted Reserve Fund on specific dates, including $125 million on July 1, 2025, and $45 million on July 1, 2026. Additionally, it establishes a process for any remaining fund balances to be directed to the General Revenue Allotment Reserve Fund after the specified transfers. The bill also includes provisions for the Department of Corrections to report quarterly on prison construction activities and outlines conditions for the transfer of funds, ensuring compliance with established criteria.

Furthermore, the bill declares an emergency, emphasizing the need for immediate action to facilitate the transfer of funds for the construction and operation of a state prison. It stipulates that the Chief Fiscal Officer of the State will transfer $250 million from the General Revenue Allotment Reserve Fund to the Correctional Facilities Set-Aside upon the bill's effective date. The emergency clause underscores the urgency of the bill, stating that any delay could harm the administration of essential governmental programs.

Statutes affected:
SB 633: 19-5-905(a), 19-5-1004(b)