As used in this article, unless the context otherwise requires:
(1) Board means the board of directors of the critical needs financing corporation.
(2) Commission means the transportation commission created in section 43-1-106 (1), C.R.S.
(3) Corporation means the critical needs financing corporation created in section 24-115-104 (1).
(4) Department means the department of transportation created in section 43-1-103 (1), C.R.S.
(5) Excess state revenues means revenues collected by the state during any state fiscal year in excess of the limitation on state fiscal year spending calculated pursuant to section 20 (7)(a) of article X of the state constitution and article 77 of this title.
(6) Executive director means the executive director of the department.
(7) Issuing authority means the department with respect to notes issued to finance transportation projects and the corporation with respect to notes issued for any other purpose.
(8) Notes means voter-approved critical needs notes authorized to be issued in accordance with section 24-115-110 (1).
(9) Transportation projects means projects identified and approved as strategic transportation projects included in the strategic transportation project investment program of the department by resolution of the commission, which resolution may be amended by further resolution.
Source: L. 2005: Entire article added, p. 746, � 1, effective June 1.
24-115-104. Critical needs financing corporation - creation - composition of board of directors - powers. (1) There is hereby created an independent public body politic and corporate to be known as the critical needs financing corporation. The corporation shall be a body corporate and an instrumentality of the state and shall not be an agency of state government and shall not be subject to administrative direction by any department, commission, board, or agency of the state. Notwithstanding the service of elected officials of state government or employees of agencies of state government on the board, the corporation shall be treated and accounted for as a separate legal entity with separate corporate purposes as set forth in this article. Assets, liabilities, and funds of the corporation shall not be consolidated or commingled with assets, liabilities, or funds of the state or of any entity that is capable of being a debtor in a case under the United States bankruptcy code, title 11 of the United States Code, as amended, or any successor bankruptcy code. Assets of the corporation shall not be used to pay debts or financial obligations of the state.
(2) (a) The governing body of the corporation shall be a board of directors, which shall consist of the following five ex officio members:
(I) The director of the office of state planning and budgeting;
(II) The state controller;
(III) The state treasurer;
(IV) A member of the joint budget committee of the general assembly selected by and to serve at the pleasure of the members of the committee; and
(V) The chair of the capital development committee of the general assembly or any successor committee.
(b) Each ex officio member of the corporation may designate an official or employee of the member's agency or committee to represent the member at meetings of the corporation, and each designee may lawfully vote and otherwise act on behalf of the designating member.
(c) A member of the board or a designee of a member of the board is immune from personal liability for any action taken by the member or designee that is within the scope of the board's authority under this article.
Source: L. 2005: Entire article added, p. 747, � 1, effective June 1.
24-115-105. Organizational meeting - chair - personnel - surety note - conflict of interest. (1) (a) The director of the office of state planning and budgeting shall call and convene the initial organizational meeting of the board and shall serve as its chair pro tempore. At the 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 to any executive officer or other agent of the board, and such other matters as the board deems proper. At the meeting, and annually thereafter, the board shall elect one of its members as chair.
(b) The board shall appoint an executive officer and such other personnel as it deems necessary. The executive officer shall have expertise in the area of public finance and shall have any powers specified in this article or delegated by the board in accordance with this article. The executive officer and any other personnel appointed by the board shall not be members of the board, shall serve at the board's pleasure, and shall receive no compensation for their services.
(2) The executive officer or any other person designated by the board shall keep a record of the proceedings of the board and shall be custodian of all books, documents, papers filed with the board, minute books or journals of the board, and its official seal. The executive officer or designated person may cause copies to be made of all minutes and other records and documents of the board and may give certificates under the official seal of the corporation to the effect that such copies are true copies and all persons dealing with the corporation may rely on such certificates.
(3) The board may delegate, by resolution, to one or more of its members, to its executive officer, or to an indenture trustee or any other third party to whom the board has assigned any rights of the corporation, such powers and duties as it may deem proper and to its executive officer or any other person designated by the board, the power to set the interest rates and other terms of any particular note issue and to invest proceeds of notes held by a commercial bank or trust company having full trust powers, subject to such limitations as shall be prescribed by the board by resolution.
(4) The executive officer and any other personnel appointed by the board are immune from personal liability for any actions taken by them that are within the scope of the authority granted to them by this article or delegated to them by the board.
Source: L. 2005: Entire article added, p. 747, � 1, effective June 1.