(1) The Department of Corrections, in its discretion, may contract with the board of supervisors of a county to be determined by the department, to house not more than five hundred (500) adult male maximum security state inmates in a maximum security regional correctional facility constructed only with local, federal or private funds.
(2) The Department of Corrections may contract for a period of not more than twenty-five (25) years. The contract shall comply with the cost-savings requirements provided in Section 47-5-1211. The state shall retain responsibility for medical care for state offenders to the extent that is required by law.