(1) The Colorado electric transmission authority is hereby created as an independent public body politic and corporate. The authority is a public instrumentality, and its exercise of the powers as authorized by this article 42 is the performance of an essential public function. The authority is 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. (2) (a) The powers of the authority are vested in a board of directors, which consists of the following nine members: (I) Two members appointed by the governor with the consent of the senate; (II) The director of the Colorado energy office created in section 24-38.5-101 or the director's designee; (III) Three members appointed by the speaker of the house of representatives; and (IV) Three members appointed by the president of the senate. (b) The appointed members of the board must have the following qualifications: (I) Of the members appointed by the governor, one must have expertise in financial matters involving the financing of major electric transmission projects and the other must represent the interests of electric utility customers residing west of the continental divide; (II) Of the members appointed by the speaker of the house of representatives, one must have utility experience; (III) Of the members appointed by the president of the senate, one must represent the interests of wildlife conservation and land use; (IV) Of the members appointed by the speaker of the house of representatives and the president of the senate: (A) One must represent the interests of organized labor; (B) One must represent the interests of residential customers of electric utilities; (C) One must represent the interests of commercial or industrial customers of electric utilities; and (D) One must have knowledge of renewable energy development. (c) A member of the board shall not represent a person that owns or operates facilities. (d) Board members shall serve four-year terms; except that, of the appointed members initially appointed to the board, one of the members appointed by the governor and one of the members appointed by the speaker of the house of representatives shall serve initial terms of three years and one of the members appointed by the governor and one of the members appointed by the president of the senate shall serve initial terms of two years. The remainder of the appointed members initially appointed to the board shall serve four-year terms. Thereafter, all appointed members of the board shall serve four-year terms. A vacancy in the membership of the board must be filled in the same manner as the original appointment for the remainder of the expired term only. (e) An appointed member of the board is eligible for reappointment. An appointing authority may remove a member of the board for cause. (f) Board members shall not receive compensation for their services but shall be reimbursed for their reasonable and necessary travel and other expenses incurred in the performance of their official duties. (3) The members of the board shall elect a chair and a vice-chair. Four members of the board constitute a quorum. (4) The authority is subject to the open meetings provisions of the "Colorado Sunshine Act of 1972", article 6 of title 24, and to the "Colorado Open Records Act", part 2 of article 72 of title 24. However, information obtained by the authority that is designated by the board as proprietary technical or business information is confidential and is not subject to inspection pursuant to the "Colorado Open Records Act". Information that the board may designate as proprietary confidential information includes power purchase agreements, costs of production, costs of transmission, transmission service agreements, credit reviews, detailed power models, and financing statements.
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