(1) (a) The fuels impact enterprise is created in the department. The enterprise is and operates as a government- owned business within the department in order to execute its business purposes as specified in subsection (2) of this section by exercising the powers and performing the duties and functions set forth in this section. (b) The enterprise is a type 2 entity, as defined in section 24-1-105, and exercises its powers and performs its duties and functions under the department. The governing board of the enterprise is made up of the transportation commission created in section 43-1-106 (1). (2) The business purposes of the enterprise are to improve the transportation of fuel in the state and monitor vehicle emissions. To allow the enterprise to accomplish these business purposes and fully exercise its powers and duties, the enterprise may: (a) Impose a fuels impact reduction fee as authorized by section 43-4-1505; (b) Issue grants as authorized by the fuels impact reduction grant program created in section 43-4-1506; and (c) Issue revenue bonds payable from fuels impact reduction fee revenue and other available money of the enterprise. (3) The enterprise constitutes an enterprise for 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 revenue in grants from all Colorado state and local governments combined. So long as it constitutes an enterprise pursuant to this subsection (3), the enterprise is not subject to section 20 of article X of the state constitution. (4) In addition to any other powers and duties specified in this section, the enterprise has the following general powers and duties: (a) To provide services as set forth in section 43-4-1506; and (b) To have and exercise all rights and powers necessary or incidental to or implied from the specific powers and duties granted by this section.
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