(1) In addition to the powers conferred upon it, the transportation commission has the power: (a) To establish escrow accounts in any bank within the state of Colorado which is a member of the federal deposit insurance corporation under protective agreements in amounts sufficient to insure the payment of any bonds refunded under the provisions of sections 43-3-201 to 43-3-214. Any or all of the accounts so established may be invested in direct obligations of the United States with appropriate maturities and yields to insure such payment. The term of any such escrow agreement shall not exceed five and one-half years. (b) To prescribe the terms, conditions, and manner in which such refunding bonds will be issued and sold and to provide for the payment of the costs of such refunding, including the fees of fiscal agents and attorneys and the charges of banks acting as escrow depositaries; (c) To do and perform all other things and acts, whether or not specifically enumerated in sections 43-3-201 to 43-3-214 or in sections 43-3-215 to 43-3-218, to effect a refunding of said bonds in order to effect a saving in interest cost to the state, but nothing in sections 43-3-215 to 43-3-218 shall be construed as authorizing the impairment of the obligation of contract.
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