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.

Furthermore, the bill establishes reporting requirements for the Department of Corrections regarding prison construction activities, including projected costs, design summaries, and timelines. It also includes provisions for the transfer of funds, ensuring that all criteria are met before any funds are disbursed. An emergency clause is included, stating that the bill's immediate effectiveness is crucial for the timely provision of funds necessary for the construction and operation of state prisons, thereby addressing urgent needs without delay.

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