SB59 - Alabama Prison Transformation Initiative Act

• Authorizes the Alabama Corrections Institution Finance Authority to issue up to $800 million in bonds with no maturity date later than 30 years to finance construction of women's and regional prison facilities, renovation of existing facilities, and demolition of obsolete facilities.

• Allows the Authority to use alternative project delivery methods (design-build, design-build-finance, construction management at risk, public-private partnerships) for regional prison facility construction instead of traditional competitive bidding under Title 39.

• Requires the Department of Corrections to consolidate medium and higher custody level male inmates into no more than six facilities once three regional prison facilities become operational.

• Pledges portions of proceeds from the one mill tax ($.10 on each $100 of assessed property value) and taxes on spirituous/vinous liquors as second and third priority security for the Authority's bonds.

• Increases Joint Legislative Prison Committee membership from 8 to 12 members and requires annual reporting on operational savings from prison consolidation and construction progress until all bonds are paid off.