As used in this article, unless the context otherwise requires:
(1) Agriculture or agricultural enterprise means the real and personal property constituting farms, ranches, and other agricultural commodity producers, including aquaculture, floriculture, silvaculture, and other agricultural endeavors that the authority wishes to include within the provisions of this article. Such term shall include agricultural land, equipment used in the production and processing of agricultural products, and other capital improvements including, but not limited to, the purchase of livestock and the implementation of soil conservation practices.
(2) Authority means the Colorado agricultural development authority created by section 35-75-104.
(3) Board means the board of directors of the authority.
(4) Bond means any bond, note, debenture, interim certificate, grant and revenue anticipation note, or other evidence of indebtedness authorized to be issued by the authority pursuant to this article.
(5) Borrower means an enterprise engaged in agriculture or agricultural processing in Colorado.
(6) Contracting party means any party to a lease, sales contract, or loan agreement except the authority.
(7) Lease means:
(a) A lease containing an option to purchase an agricultural enterprise for a nominal sum upon payment, in full or with provision for such payment, of all bonds issued in connection with the agricultural enterprise, all interest thereon, and all other expenses in connection with the agricultural enterprise; or
(b) A lease containing an option to purchase an agricultural enterprise at any time, as provided in such lease, upon payment of the purchase price. The purchase price shall be sufficient to pay all bonds issued in connection with the agricultural enterprise, all interest thereon, and all other expenses incurred in connection with the agricultural enterprise, but payment may be made in the form of one or more notes, debentures, bonds, or other secured or unsecured debt obligations of the lessee which provide for timely payments, including, but not limited to, interest thereon sufficient for such purposes and delivered to the authority or to the trustee under the indenture pursuant to which the bonds were issued.
(8) Lender means any federal or state chartered bank, federal land bank, production credit association, bank for cooperatives, savings and loan association, building and loan association, small business investment company, or other institution qualified within the state to originate and service loans, including, but not limited to, insurance companies, credit unions, and mortgage loan companies.
(9) Loan means any lease, loan agreement, or sale contract entered into with a borrower.
(10) Loan agreement means an agreement which provides for the authority or a lender with which the authority has contracted to loan the proceeds derived from the issuance of bonds pursuant to section 35-75-108 to a contracting party to be used to pay the cost of an agricultural enterprise and which provides for the repayment of such loan by the contracting party. Such agreement may provide for the loans to be secured or evidenced by one or more notes, debentures, bonds, or other secured or unsecured debt obligations of the contracting party, delivered to the authority or to the trustee under the indenture pursuant to which the bonds were issued.
(11) Loan insurer or loan guarantor means an agency, department, administration, or instrumentality, corporate or otherwise, of the federal department of housing and urban development, the farmers home administration of the federal department of agriculture, or the veterans administration of the United States, any private mortgage insurance company, or any other public or private agency which insures or guarantees loans.
(12) Sale contract means a contract providing for the sale of an agricultural enterprise to a contracting party and includes a contract providing for payment of the purchase price in one or more installments. If the sale contract permits title to the agricultural enterprise to pass to such contracting party or parties prior to payment in full of the entire purchase price, it shall also provide for such contracting party to deliver to the authority or to the trustee under the indenture pursuant to which the bonds were issued one or more notes, debentures, bonds, or other secured or unsecured debt obligations of the contracting party which provides for timely payments, including, without limitation, interest thereon for the balance of the purchase price at or prior to the passage of such title.
(13) State means the state of Colorado.
Source: L. 81: Entire article added, p. 1732, � 1, effective June 19. L. 2000: (5) amended, p. 306, � 1, effective April 5.
35-75-104. Colorado agricultural development authority - creation - membership. (1) There is hereby created an independent public body politic and corporate to be known as the Colorado agricultural development authority. Said authority is constituted a public instrumentality, and its exercise of the powers conferred by this article shall be deemed and held to be the performance of an essential public function. The authority shall be a body corporate and a political subdivision 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.
(2) (a) The governing body of the authority is a board of directors, which consists of seven members, who are appointed as follows:
(I) One shall be appointed by the governor, with the consent of the senate;
(II) Three shall be appointed by the president of the senate; and
(III) Three shall be appointed by the speaker of the house of representatives.
(b) Such members must be residents of the state, must have a knowledge of agricultural activity in the state, and must represent the various agriculture operations and geographical regions of the state. No more than four of the appointed members may be affiliated with the same political party.
(c) Members shall be appointed for a term of four years; except that the terms shall be staggered so that no more than four members' terms expire in the same year. Each member shall serve until the member's successor has been appointed. Any member shall be eligible for reappointment. The person making the original appointment shall fill any vacancy by appointment for the remainder of an unexpired term.
(d) The commissioner of agriculture shall be an ex officio, nonvoting member of the board.
(e) Any appointed member of the board may be removed by the person making the appointment for misfeasance, malfeasance, willful neglect of duty, or other cause.
Source: L. 81: Entire article added, p. 1734, � 1, effective June 19. L. 87: (2)(a) amended, p. 913, � 29, effective June 15. L. 2022: (2) amended, (SB 22-013), ch. 2, p. 81, � 109, effective February 25.
Cross references: For the provisions that designate the Colorado agricultural development authority as a special purpose authority for the purposes of � 20 of article X of the Colorado constitution, see � 24-77-102 (15).
35-75-105. Organization meeting - chair - personnel - surety bond - conflict of interest. (1) (a) The member of the board appointed by the governor shall call and convene the initial organizational meeting of the board and shall serve as its chair 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 the meeting, and annually thereafter, the board shall elect one of its members as chair and one as vice-chair.
(b) The authority shall appoint an executive officer and such other personnel as it deems necessary, including an associate executive officer, who shall not be members of the board and who shall serve at its pleasure. They shall receive such compensation for their services as determined by the board.
(2) The executive officer, the associate 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, and papers filed with the board, the minute books or journal of the board, and its official seal. Said executive officer, associate executive officer, or other 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 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 officer or associate executive officer such powers and duties as it may deem proper.
(4) Before the issuance of any bonds under this article 75, the executive officer and associate executive officer shall each execute a surety bond in the sum of one hundred thousand dollars, and each member of the board shall execute a surety bond in the sum of fifty thousand dollars or, in lieu thereof, the chair of the board shall execute a blanket bond covering each member of the board, the executive officer, the associate executive officer, and the employees of the authority, each surety bond to be conditioned upon the faithful performance of the duties of the office covered, to be executed by a surety authorized to transact business in this state as surety. The cost of the bond shall be paid by the authority.
(5) No part of the revenues or assets of the authority shall inure to the benefit of, or be distributed to, its members or officers or any other private persons or entities.
(6) The authority and its corporate existence shall continue until terminated by law; except that no such law shall take effect so long as the authority has bonds, notes, or other obligations outstanding, unless adequate provision has been made for the payment thereof. Upon termination of the existence of the authority, all its rights and properties in excess of its obligations shall pass to and be vested in the state.
Source: L. 81: Entire article added, p. 1734, � 1, effective June 19. L. 2025: (1)(a) and (4) amended, (HB 25-1084), ch. 24, p. 146, � 181, effective August 6.