The "Regional Rehabilitation and Reentry Center Authority Act" establishes a framework for the creation and operation of a regional rehabilitation and reentry center by a newly formed authority, which can be established by one or more county governing bodies through the adoption of ordinances or resolutions. The act outlines the process for negotiating inter-county agreements that define the rights and responsibilities of participating counties, which must be approved by the Local Finance Board. The authority is designated as a public body with the power to issue bonds for financing the center's construction and operation, while ensuring that it does not incur debt or liability on behalf of the state or local governments.

The bill includes provisions for bondholder security, allowing for the appointment of a trustee in case of default, and ensures that the authority's properties are exempt from state taxes and special assessments, except for certain taxes. It mandates an annual audit of the authority's financial accounts and requires the submission of bond resolutions to the Director of the Division of Local Government Services, promoting transparency and accountability. Overall, the legislation aims to facilitate the establishment of a regional rehabilitation and reentry center while providing financial safeguards for the authority and its bondholders.