The bill establishes the "Future of Corrections Fund," which will be administered by the Department of Corrections and is intended to secure additional correctional capacity through various means, including agreements with private facilities and lease-to-own arrangements. The fund will be exempt from certain provisions of existing law, allowing for more flexibility in its use. Additionally, the bill appropriates $30 million from the general fund for various eligible uses related to the prison system, including assessments, transitional costs, and security technology. A further appropriation of $220 million is designated for the construction of a new state correctional facility, with specific conditions regarding the funding and operation of the facility.

The bill also includes provisions for reporting requirements, ensuring that the Department of Corrections submits quarterly reports on expenditures related to the construction of the facility. If the budget director determines that constructing a new facility is not in the state's best interest, the bill allows for the transfer of funds back to the Future of Corrections Fund. The bill emphasizes legislative consent for the capital projects and outlines the need for a two-thirds vote in the legislature due to the lease-to-own agreement provisions. The act is set to take effect immediately upon passage and approval.