(1) There is created in the department of corrections the division of correctional industries, which is under the direction of the director of correctional industries, who is appointed by the executive director of the department of corrections pursuant to section 13 of article XII of the state constitution. The division constitutes an enterprise for the purposes of section 20 of article X of the state constitution so long as it retains the authority to issue revenue bonds and receives less than ten percent of its total annual revenues in grants, as defined in section 24-77-102 (7), from all Colorado state and local governments combined. So long as it constitutes an enterprise pursuant to the provisions of this section, the division of correctional industries is not a district for purposes of section 20 of article X of the state constitution. The division of correctional industries is a type 2 entity, as defined in section 24-1-105. (2) (a) There is created the correctional industries advisory committee, which consists of: (I) The state treasurer for the duration of his term of office; (II) Four members of the general assembly, two of whom shall be appointed by the speaker of the house of representatives and two of whom shall be appointed by the president of the senate. Of the legislative members appointed, one shall be a member of the minority party of the house of representatives and one shall be a member of the minority party of the senate. The legislative members shall be appointed in January at the beginning of the regular session held in odd-numbered years and shall serve through the legislative biennium. (III) The director of the office of state planning and budgeting; (IV) The executive director of the department of personnel; (V) Two members from affected industries in the business community, who shall be appointed by the governor for terms of three years each; (VI) Two members from organized labor, who shall be appointed by the governor for terms of three years each; (VII) The executive director of the department of corrections; and (VIII) A county sheriff, who shall be appointed by the governor for a term of three years. (b) Each member holds office until the member's term expires and until a successor is appointed. Any member is eligible for reappointment, but shall not serve more than two consecutive full terms. Except as otherwise provided in section 2-2-326, members of the advisory committee serve without compensation for such services but may be reimbursed for their necessary expenses while serving as members of the board. Any vacancy shall be filled in the same manner as for an original appointment and shall be for the unexpired term. The chair shall be elected by the voting members of the advisory committee from among the appointed members of the general assembly. (c) Any member appointed by the governor may be removed by the governor and any member appointed by the speaker of the house of representatives or the president of the senate may be removed by the appropriate appointing officer for malfeasance in office, for failure to regularly attend meetings, or for any cause which renders said member incapable of or unable to discharge the duties of his office. (d) Repealed. (3) (a) Before any industry is established to utilize the services of prisoners as provided by this article, including but not limited to any industry in a nonstate-owned facility pursuant to section 17-24-125, the advisory committee shall consider the feasibility of establishing such industry and the effect of such establishment on similar industries already established in the state and shall make its recommendations thereon to the director. A majority of the members of the advisory committee at any meeting duly called by the chairman has full power to act upon and resolve any matter or question referred to it by the director. (b) Repealed. (4) Repealed. (5) (a) The advisory committee shall consider the advisability of issuing any revenue bonds and make recommendations in the form of a resolution to the director. A majority of the members of the advisory committee at any meeting duly called by the chairman has full power to act upon and make such recommendations. Any resolution authorizing the issuance of bonds under the terms of this section shall include: (I) The date of issuance of the bonds; (II) The maturity date or dates during a period not to exceed thirty years from the date of issuance of the bonds; (III) The interest rate or rates on, and the denomination or denominations of, the bonds; (IV) The form of the bond, whether bearer or registered; and (V) The medium of payment of the bonds and the place where the bonds will be paid. (b) Any resolution authorizing the issuance of bonds under the terms of this section may: (I) State that the bonds are to be issued in one or more series; (II) State a rank or priority of the bonds; and (III) Provide for redemption of the bonds prior to maturity, with or without premium. (c) A resolution pertaining to issuance of bonds under this section may contain covenants as to: (I) The purpose to which the proceeds of sale of the bonds may be applied and to the use and disposition thereof; (II) Such matters as are customary in the issuance of revenue bonds including, without limitation, the issuance and lien position of other or additional bonds; and (III) Books of account and the inspection and audit thereof. (d) The committee may provide for preferential security for any bonds, both principal and interest, to be issued under this section to the extent deemed feasible and desirable by such committee over any bonds that may be issued thereafter. (e) Upon issuance of a bond by the division pursuant to the provisions of section 17-24- 106.3, any resolution made pursuant to the terms of this section shall be deemed a contract with the holders of the bonds, and the duties of the committee under such resolution shall be enforceable by any appropriate action in a court of competent jurisdiction. (6) Repealed.
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