(1) In addition to any other powers granted to the authority by this article 15, the authority has the following powers: (a) To have perpetual existence and succession as a body politic and corporate; (b) To adopt and from time to time amend or repeal bylaws for the regulation of its affairs and the conduct of its business, consistent with the provisions of this article; (c) To sue and be sued; (d) To have and to use a seal and to alter the same at pleasure; (e) To maintain an office at such place or places as it may designate; (f) To determine, in accordance with the provisions of this article, the location and character of any facility to be financed under the provisions of this article and to acquire, construct, reconstruct, renovate, improve, alter, replace, maintain, repair, operate, and lease such facility as lessee or lessor; to enter into contracts for any and all of such purposes and for the management and operation of a facility; and to designate a participating educational institution or cultural institution as its agent to determine the location and character of a facility undertaken by such participating institution under the provisions of this article and, as agent of the authority, to acquire, construct, reconstruct, renovate, replace, alter, improve, maintain, repair, operate, lease as lessee or lessor, and regulate the same and to enter into contracts for any and all of such purposes including contracts for the management and operation of such facility; (g) To enter into an agreement with a participating institution of postsecondary education or cultural institution covering any or all of the facilities upon such terms and conditions as the authority shall deem proper, including, but not limited to, renewable, one-year leases with institutions of postsecondary education supported in whole or in part by state funds if authorized pursuant to section 23-1-106 or section 24-82-709, or a financed purchase of an asset or certificate of participation agreement authorized pursuant to sections 24-82-102 (1)(b) and 24- 82-801; to charge and collect rent therefor and to terminate any such agreement upon the failure of the buyer to comply with any of the obligations thereof; and to include in any such agreement, if desired, provisions that the buyer thereof shall have options to renew the term of the agreement for such period or periods, at such rent, and upon such terms or conditions as shall be determined by the authority or to purchase any or all of the facilities or to include, if desired, provisions that, upon payment of all of the indebtedness incurred by the authority for the financing of such facilities, the authority will convey any or all of the facilities to the buyer or buyers thereof with or without consideration; (h) To borrow money and to issue bonds, notes, bond anticipation notes, or other obligations for any of its corporate purposes and to fund or refund the same, all as provided for in this article; (i) To establish rules and regulations, and to designate a participating educational institution or cultural institution as its agent to establish such rules and regulations, for the use of the facilities undertaken or operated by such participating institution and to employ or contract for consulting engineers, architects, attorneys, accountants, construction and financial experts, superintendents, managers, and such other employees and agents as may be necessary in its judgment and to fix their compensation; (j) To receive and accept from the federal government or any other public agency loans, grants, or contributions for or in aid of the construction of facilities or any portion thereof, or for equipping the same, and to receive and accept grants, gifts, or other contributions from any source, but only for the purposes for which they were loaned, contributed, or granted; (k) To mortgage or pledge all or any portion of the facilities and the site or sites thereof, whether then owned or thereafter acquired, for the benefit of the holders of bonds issued to finance such facilities or any portion thereof; (l) To make mortgage loans or other secured or unsecured loans to any participating educational institution or cultural institution for the cost of the facilities in accordance with an agreement between the authority and such participating institution; but no such loan shall exceed the total cost of such facilities as determined by such participating institution and approved by the authority; (m) To make mortgage loans or other secured or unsecured loans to a participating educational institution or cultural institution; to refund outstanding obligations, mortgages, or advances issued, made, or given by such participating institution for the cost of its facilities, including the issuance of bonds and the making of loans to a participating educational institution or cultural institution; or to refinance outstanding obligations and indebtedness incurred for facilities when the authority finds that such financing is in the public interest and alleviates the financial hardship upon the participating educational institution or cultural institution or is in connection with other financing by the authority for such participating institution; (n) To obtain or aid in obtaining, from any department or agency of the United States or of this state or any private company, any insurance or guarantee as to, or of, or for the payment or repayment of the interest or principal, or both the interest and principal, or any part of either or both on any loan, lease, or obligation or any instrument evidencing or securing the same made or entered into pursuant to the provisions of this article and, notwithstanding any other provisions of this article, to enter into any agreement, contract, or other instrument whatsoever with respect to any such insurance or guarantee, to accept payment in such manner and form as provided therein in the event of default by a participating educational institution or cultural institution, and to assign any such insurance or guarantee as security for the authority's bonds; (o) To charge to and equitably apportion among participating educational institutions or cultural institutions the administrative costs and expenses of the authority incurred in the exercise of the powers granted and the duties conferred by this article; (p) To make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this article; (q) To do all other things necessary and convenient to carry out the purposes of this article; (r) To make mortgage loans or other secured or unsecured loans to any person for the costs of a facility which will be made available for use by an educational institution or a cultural institution, if the governing body of such institution has resolved that the use of such facility will be in the best interests of such institution; but no such loan shall exceed the total cost of said facility as determined by said institution and approved by the authority; (s) To refund or refinance, through the issuance of bonds and the making of loans, any outstanding obligations, mortgages, indebtednesses, or advances issued, made, or given by a person for the cost of facilities which will be made available for use by an educational institution or a cultural institution when the governing board of such institution finds that the use of said facility is in the best interests of said institution; (t) To administer the Colorado education savings program pursuant to the provisions of section 23-15-110.5; (u) To designate bonds or certificates of participation of the authority as Colorado education savings bonds or certificates pursuant to the provisions of section 23-15-110.5; (v) To designate as Colorado education savings bonds or certificates the bonds or certificates of participation of issuers other than the authority if the issuer has applied for such designation and the authority has determined that such instruments satisfy the criteria established in section 23-15-110.5 (2); and (w) To establish and administer one or more funds for loans, revolving loans, or grants to support capital projects for facilities, as well as operations, maintenance, programming and other endeavors, for cultural institutions and educational institutions from any sources that may be available to the authority for its general purposes, including but not limited to net facility revenues, grants, gifts, or fees. (2) The authority has the power to operate a facility either directly or indirectly through contracts for the management and operation of a facility, or as a lessee or lessor. If the authority operates a facility, the authority must direct all net revenue from the facility to the purposes set forth in this article 15. In order to isolate operating risk on a project-by-project basis, the authority has the power to establish, or adopt a resolution approving the establishment of, one or more subsidiary controlled entities. Such a controlled entity enjoys and is entitled to the same powers, privileges, and immunities as the authority so long as: (a) The controlled entity is a nonprofit corporation, limited liability company, limited liability limited partnership, or other entity formed pursuant to state law and the authority is the sole member or partner of the entity; (b) The authority appoints the governing body of or an agent to oversee the controlled entity and may remove a member of the governing body or agent; (c) Any revenue of the controlled entity that is not required to pay its expenses and obligations and to fund reserves for such expenses and obligations and, upon dissolution of the controlled entity, any assets of the controlled entity not required to pay its expenses and obligations must be distributed to or at the direction of the authority and shall not be used for or accrue to the benefit of any private interests; and (d) The authority may loan proceeds from bonds issued by the authority to the controlled entity. (3) No institution of postsecondary education supported in whole or in part by state funds shall contract or otherwise agree with the authority to issue bonds on its behalf unless all approvals required by law, including but not limited to approvals required pursuant to section 23-1-106 and section 24-82-709, C.R.S., have been obtained. (4) Repealed. (5) No mortgage loan, other secured or unsecured loan, or financing, refinancing, refunding, or other financial obligation incurred pursuant to the terms of this article for the benefit of a charter school as described in section 23-15-103 (8)(a)(V), shall obligate, directly or indirectly, the school district that granted the charter to the charter school unless: (a) The express written consent of the school district is obtained; and (b) The authority obtains a written opinion of legal counsel that the obligation of the school district is legally permissible under the Colorado constitution and all applicable laws.
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