The bill aims to provide funding for the Correctional Facilities Set-Aside by amending existing laws related to the Securities Reserve Fund and the General Revenue Allotment Reserve Fund. It specifies that after certain transfers, a portion of the fund balance will be allocated to the Correctional Facilities Set-Aside, with specific amounts designated for transfer on July 1, 2025, July 1, 2026, and July 2, 2027. Additionally, it mandates an immediate transfer of $250 million from the General Revenue Allotment Reserve Fund to the Correctional Facilities Set-Aside upon the bill's effective date. The bill also includes provisions for quarterly reporting by the Department of Corrections regarding prison construction activities and outlines conditions for fund transfers and audits.

Furthermore, the bill declares an emergency, emphasizing the need for immediate action to facilitate the construction and operation of state prisons and to address unforeseen needs. It highlights the importance of timely fund transfers to ensure the effective administration of essential governmental programs. The emergency clause ensures that the bill will take effect immediately upon passage and approval, or if vetoed, upon the override of such a veto.

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