SB287 - Alabama Prison Transformation Initiative Act

• Authorizes the Alabama Corrections Institution Finance Authority to issue up to $800 million in bonds with maturity dates not exceeding 30 years to finance construction of women's and regional prison facilities, and renovation or demolition of existing facilities.

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

• Pledges proceeds from the one mill tax ($.10 per $100 of assessed property value) under Section 40-8-3 as security for the Authority's bonds, with priority given to bond payments before other uses of the tax.

• Requires the Alabama Corrections Institution Finance Authority to report plans for demolition or disposal of existing prison facilities to the Joint Legislative Prison Committee.

• Extends the period for capitalizing interest on bonds from one year to three years and increases the bond maturity limit from 20 years to 30 years for financing prison construction and improvements.