The movie is set in Albuquerque, but when Jackie asks what's going to happen to Jimmy, Terry states, "I guess they'll ship him back to Rikers with another nickel on his sentence." Rikers Island is part of the NYC Department of Corrections. They would have no interest in further incarcerating a criminal who was convicted of a crime in New Mexico. As with most city jails, Rikers mainly houses pretrial suspects, with only about 15% of their detainees serving post-adjudication, short sentences.
As he is walking across the street, Bob pulls out his pistol and racks the slide. This would either eject the round in the chamber, which it does not appear to do, or load a cartridge. In any case, a police officer would always carry his firearm loaded, and would never need to do such a thing.