(1) (a) There is created an independent public body politic and corporate to be known as the Colorado educational and cultural facilities authority. The authority is constituted a public instrumentality, and its exercise of the powers conferred by this article 15 is deemed and held to be the performance of an essential public function. The authority is a body corporate and a political subdivision of the state, is not an agency of state government, and is not subject to administrative direction by any department, commission, board, or agency of the state.
(b) The legal effects of any statute designating the Colorado educational and cultural facilities authority by any other name, or property rights incurred under any other name, shall not be impaired.
(2) (a) The governing body of the authority is a board of directors, which consists of seven members to be appointed by the governor, with the consent of the senate.
(b) Each member must be a resident of the state.
(c) No more than four of the members may be affiliated with the same political party.
(d) The term of office of an appointed member is four years; except that the terms shall be staggered so that no more than four members' terms expire in the same year.
(e) Each member shall serve until the member's resignation or, in the case of a member whose term has expired, until the member's successor has been appointed.
(f) Any member is eligible for reappointment.
(3) The governor shall fill any vacancy by appointment for the remainder of an unexpired term. Any member appointed by the governor when the general assembly is not in regular session, whether appointed for an unexpired term or for a full term, shall be deemed to be duly appointed and qualified until the appointment of such member is approved or rejected by the senate. Such appointment shall be submitted to the senate for its approval or rejection during the next regular session of the general assembly following the appointment.
(4) (a) Any member of the board may be removed by the governor for misfeasance, malfeasance, willful neglect of duty, or other cause.
(b) Notwithstanding the provisions of subsection (4)(a) of this section, a member shall be removed by the governor if such member fails, for reasons other than temporary mental or physical disability or illness, to attend three regular meetings of the board during any twelve-month period without the board having entered upon its minutes an approval for any of such absences.
Source: L. 81: Entire article added, p. 1098, � 1, effective July 1. L. 83: (2) amended, p. 804, � 2, effective May 25. L. 87: (2) amended, p. 907, � 15, effective June 15. L. 98: (1) amended, p. 605, � 5, effective May 4. L. 2022: Entire section amended, (SB 22-013), ch. 2, p. 30, � 39, effective February 25.
Cross references: For limitation on issuance of private activity bonds, see part 17 of article 32 of title 24; for the provisions that designate the Colorado postsecondary educational facilities authority as a special purpose authority for the purposes of section 20 of article X of the Colorado constitution, see � 24-77-102 (15).
23-15-105. Organizational meeting - chairman - executive director - surety bond - conflict of interest. (1) A member of the board, designated by the governor, shall call and convene the initial organizational meeting of the board and shall serve as its chairman pro tempore. At such meeting, appropriate bylaws shall be presented for adoption. The bylaws may provide for the election or appointment of officers, the delegation of certain powers and duties, and such other matters as the authority deems proper. At such meeting and annually thereafter, the board shall elect one of its members as chairman and one as vice-chairman. It shall appoint an executive director and, if desired, an associate executive director, who shall not be members of the board and who shall serve at its pleasure. They shall receive such compensation for their services as shall be fixed by the board.
(2) The executive director, the associate executive director, or any other person designated by the board shall keep a record of the proceedings thereof and shall be custodian of all books, documents, and papers filed with the board, the minute books or journal thereof, and its official seal. Said executive director, associate executive director, or other person may cause copies of all minutes and other records and documents of the board to be made and may give certificates under the official seal of the authority to the effect that such copies are true copies, and all persons dealing with the authority may rely on such certificates.
(3) The board may delegate, by resolution, to one or more of its members or to its executive director or associate executive director such powers and duties as it may deem proper.
(4) Before the issuance of any bonds under this article, the executive director and associate executive director shall each execute a surety bond in the penal sum of one hundred thousand dollars, and each member of the board shall execute a surety bond in the penal sum of fifty thousand dollars, or, in lieu thereof, the chairman of the board shall execute a blanket bond covering each member, the executive director, the associate executive director, and the employees or other officers of the authority, each surety bond to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety authorized to transact business in this state as surety. The cost of each such bond shall be paid by the authority.
(5) Notwithstanding any other law to the contrary, it shall not constitute a conflict of interest for a trustee, director, officer, or employee of any educational institution, financial institution, investment banking firm, brokerage firm, commercial bank or trust company, architectural firm, or other firm, person, or corporation to serve as a member of the board; except that such trustee, director, officer, or employee shall disclose such interest to the board and may abstain from deliberation, action, and voting by the board in each instance where the business affiliation of any such trustee, director, officer, or employee is involved.
Source: L. 81: Entire article added, p. 1099, � 1, effective July 1. L. 98: (5) amended, p. 605, � 6, effective May 4.