This bill appropriates a total of $247,128,000 from the New Jersey Debt Defeasance and Prevention Fund for various purposes. Specifically, $222,000,000 is allocated to the Department of Corrections for the design and construction of a new facility to replace the Edna Mahan Correctional Facility for Women, while $25,128,000 is designated for the Department of the Treasury to fund capital construction projects recommended by the New Jersey Commission on Capital Budgeting and Planning. Both appropriations are subject to the approval of the Director of the Division of Budget and Accounting.

Additionally, the bill allows for the remaining funds in the New Jersey Debt Defeasance and Prevention Fund, after the aforementioned appropriations, to be used for retiring and defeasing state debts, as directed by the State Treasurer. It also permits the use of these funds for capital construction projects that have already been authorized by law, thereby avoiding future state debt. The State Treasurer is required to submit a report to the Joint Budget Oversight Committee detailing the debt retirement process and a list of proposed capital projects for approval. The Joint Budget Oversight Committee is mandated to meet quarterly to review these proposals, with provisions for automatic approval if they fail to meet within the designated timeframe.