Colorado § 13-1-503 - General powers.

§ 13-1-503. General powers.

(1) In addition to any other powers granted to the authority in this part 5, the authority has the following powers:

(a) To have the duties, privileges, immunities, rights, liabilities, and disabilities of a body corporate and political subdivision of the state;

(b) To have perpetual existence and succession;

(c) To adopt, have, and use a seal and to alter the same at its pleasure;

(d) To sue and be sued;

(e) To enter into any contract or agreement consistent with this part 5 and the laws of the state;

(f) To purchase, lease, lease with an option to purchase, trade, exchange, or otherwise acquire, maintain, hold, improve, mortgage, encumber, and dispose of real property and personal property, whether tangible or intangible, and any interest, including easements and rights-of-way, without restriction or limitation;

(g) To acquire office space, equipment, services, supplies, and insurance necessary to carry out the purposes of this part 5;

(h) To deposit any money of the authority in any banking institution or in any depository authorized pursuant to section 24-75-603 and to appoint, for the purpose of making such deposits, one or more persons to act as custodians of the money of the authority, who shall give surety bonds in the amounts and form and for the purposes the board requires;

(i) To contract for and to accept any gifts, grants, and loans of funds, property, or any other aid in any form from the federal government, the state, any state agency, or any other source, or any combination thereof, and to comply, subject to the provisions of this part 5, with the terms and conditions of the contracts or the acceptance of such items;

(j) To have and exercise all rights and powers necessary or incidental to or implied from the specific powers granted in this part 5, which specific powers shall not be considered as a limitation upon any power necessary or appropriate to carry out the purposes and intent of this part 5;

(k) To fix the time and place or places at which its regular and special meetings are held;

(l) To elect one member as chair and one member as vice-chair of the board, to elect one or more members as secretary and treasurer of the board, and to elect or appoint other officers as the board may determine and provide for their duties and terms of office;

(m) To appoint agents, employees, and professional and business advisers, including real estate professionals, construction companies, property managers, attorneys, accountants, and financial advisers as may be necessary in the authority's judgment to accomplish the purposes of this part 5, to fix the compensation of those agents, employees, and advisers, and to establish the powers and duties of all agents, employees, and advisers, as well as any other person contracting with the authority to provide services, including termination of employment or the contract for services;

(n) To make and execute agreements, contracts, and other instruments necessary or convenient in the exercise of the powers and functions of the authority pursuant to this part 5, including contracts with any person, firm, corporation, municipality, state agency, county, or other entity. All municipalities, counties, and state agencies may enter into and do all things necessary to perform any arrangement or contract with the authority; and

(o) Other powers necessary to accomplish the authority's specific goals as required pursuant to this part 5.

Source: L. 2026: Entire part added, (HB 26-1422), ch. 331, p. 1935, § 14, effective June 2.