The bill establishes the Future of Corrections Fund, which will be administered by the Department of Corrections and is intended to secure additional correctional facilities. It authorizes the use of funds for various purposes, including the construction of new facilities, renovation of existing ones, and agreements with private correctional facilities. The bill also includes a provision for a transfer of $246 million from the general fund to support these initiatives, along with an appropriation of $4 million for immediate needs related to the prison system. Additionally, it allows for optional lease-to-own agreements and sets forth reporting requirements for expenditures related to the construction and securing of correctional facilities.

Significant changes in the bill include the deletion of the singular term "a correctional facility" and its replacement with the plural "correctional facilities," reflecting a broader scope for the funding and construction efforts. The bill also allows for the planning and design of capital projects using existing contracts prior to receiving other funding sources. Furthermore, it stipulates that if the budget director determines that state construction is not in the state's best interest, funds may be redirected back to the Future of Corrections Fund. The bill is set to take effect immediately upon passage and approval.