HB313 - Alabama Prison Transformation Initiative Act

• Authorizes the Alabama Corrections Institution Finance Authority to issue up to $800 million in bonds (maturing no later than 30 years) to finance construction of four modern prison facilities, including women's and regional facilities to reduce overcrowding and improve safety.

• Allows the Authority to use alternative project delivery methods (design-build, construction management at risk, public-private partnerships) for women's and regional prison facilities instead of requiring traditional architect/engineer specifications.

• Pledges proceeds from the one mill tax ($.10 per $100 assessed value) under Section 40-8-3 as security for the Authority's bonds and requires increased reporting to the Joint Legislative Prison Committee on demolition or disposal plans.

• Authorizes the Authority to dispose of property not required for Department of Corrections use through public auction or sealed bids, with proceeds used for facility construction, renovation, demolition, or bond repayment.

• Extends bond maturity dates from 20 years to 30 years and allows capitalized interest during construction period to extend up to three years instead of one year.