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 and capacity. It authorizes the construction of multiple correctional facilities, as opposed to just one, and allows for agreements with private correctional facilities. The bill also includes provisions for a $4 million appropriation from the general fund for various expenses related to the prison system, as well as a $246 million appropriation for the construction and renovation of state correctional facilities. Additionally, it outlines reporting requirements for the Department of Corrections regarding expenditures related to these facilities.

Furthermore, the bill allows for the possibility of a lease-to-own agreement for the construction of correctional facilities and includes a mechanism for transferring funds if the budget director determines that state construction is not in the state's best interests. The bill mandates that any unexpended funds revert to the general fund and establishes that the reporting requirements will cease once the construction of the facilities is completed. The act is set to take effect immediately upon passage and approval.