2023 Colorado Revised Statutes › Title 29 - GOVERNMENT - LOCAL (§§ 29-1-101 — 29-37-210) › HOUSING (§§ 29-4-101 — 29-4-1208) › Article 4 - Housing (§§ 29-4-101 — 29-4-1208) › Part 7 - HOUSING AND BUSINESS DEVELOPMENT AND FINANCING (§§ 29-4-701 — 29-4-735) › Section 29-4-708 - General powers of the authority - repeal

(1)
In addition to any other powers granted to the authority in this part 7, the authority has the following powers:
(a)
To have the duties, privileges, immunities, rights, liabilities, and disabilities of a body corporate and political subdivision of the state;
(b)
To have perpetual existence and succession;
(c)
To adopt, have, and use a seal and to alter the same at its pleasure;
(d)
To sue and be sued;
(e)
To enter into any contract or agreement not inconsistent with this part 7 or the laws of this state;
(f)
To borrow money and to issue bonds evidencing the same;
(g)
To purchase, lease, trade, exchange, or otherwise acquire, maintain, hold, improve, mortgage, lease, and dispose of real property and personal property, whether tangible or intangible, and any interest therein;
(h)
To acquire office space, equipment, services, supplies, and insurance necessary to carry out the purposes of this part 7;
(i)
To deposit any moneys of the authority in any banking institution within or without the state or in any depository authorized in section
24-75-603
, C.R.S., and to appoint, for the purpose of making such deposits, one or more persons to act as custodians of the moneys of the authority, who shall give surety bonds in such amounts and form and for such purposes as the board requires;
(j)
To disburse any moneys in the revolving fund established pursuant to section
29-4-728
in accordance therewith;
(k)
To contract for and to accept any gifts, grants, and loans of funds, property, or any other aid in any form from the federal government, the state, any state agency, or any other source, or any combination thereof, and to comply, subject to the provisions of this part 7, with the terms and conditions thereof;
(l)
To act as agent for federal, state, or local government or for qualified organizations or corporations in connection with the acquisition, construction, reconstruction, rehabilitation, leasing, operation, or management of a housing facility or project or any part thereof or the furnishing of capital to business enterprises;
(m)
To authorize the executive director to enter into contracts, execute all instruments, and do all things necessary or convenient in the exercise of the powers granted in this part 7 and to secure the payment of bonds;
(n)
To have and exercise all rights and powers necessary or incidental to or implied from the specific powers granted in this part 7, which specific powers shall not be considered as a limitation upon any power necessary or appropriate to carry out the purposes and intent of this part 7;
(o)
To fix the time and place or places at which its regular and special meetings are to be held. Meetings shall be held on the call of the chairman, but no less than eight meetings shall be held annually.
(p)
To adopt and from time to time amend or repeal bylaws and rules and regulations consistent with the provisions of this part 7;
(q)
To elect one director as chairman of the board and another director as chairman pro tem of the board and to appoint one or more persons as secretary and treasurer of the board and such other officers as the board may determine and provide for their duties and terms of office;
(r)
To appoint an executive director and such other agents, employees, and professional and business advisers as may from time to time be necessary in its judgment to accomplish the purposes of this part 7, and to fix the compensation of such employees, agents, and advisers, and to establish the powers and duties of all such officers, agents, and employees and other persons contracting with the authority;
(s)
To provide a method for sponsors to let contracts on a fair and equitable basis for the construction of housing facilities or projects or the performance or furnishing of labor, materials, or supplies as required in this part 7;
(t)
To the extent permitted under its contract with the holders of bonds, to enter into contracts containing provisions permitting the reduction of the rental or carrying charges to persons unable to pay the regular schedule of charges where, by reason of other income or payment by any department, agency, or instrumentality of the United States or this state, such reduction can be made without jeopardizing the economic stability of the housing facility being financed;
(u)
To protect the interest of the authority in housing facilities, projects, and loans to and equity investments in business enterprises for capital made under this part 7 by such action as is in the best interests of the authority, including, without limitation, taking assignment of leases, rentals, and other revenues and assets and proceeding with foreclosure, repossession, purchase, sale, or other means of acquisition of such facilities or projects or other security and, in the case of equity investments, taking any action permitted by law or pursuant to any subscription, partnership, or other instrument, certificate, or document related to such investment;
(v)
To act as a coinsurer with any department or agency of the federal government with respect to a loan to finance housing facilities for low- or moderate-income families;
(w)
To waive, by such means as the authority deems appropriate, the exemption from federal income taxation of interest on the authority's bonds, notes, or other obligations provided by the "Internal Revenue Code of 1986", as amended, or any other federal statute providing a similar exemption;
(x)
To make and execute agreements, contracts, and other instruments necessary or convenient in the exercise of the powers and functions of the authority under this part 7, including but not limited to contracts with any person, firm, corporation, municipality, state agency, county, or other entity. All municipalities, counties, and state agencies are hereby authorized to enter into and do all things necessary to perform any such arrangement or contract with the authority.
(y)
To arrange for guaranties or insurance of its bonds, notes, or other obligations by the federal government or by any private insurer, and to pay any premiums therefor;
(z)
To enter into agreements to pay annual sums in lieu of taxes to any county, municipality, or other taxing entity with respect to any real property which is owned by the authority and is located in such county, municipality, or other taxing entity;
(aa)
To provide financial advice and counseling with respect to business enterprises and to provide for guaranties, insurance, coinsurance, or reinsurance against risks of loss on loans to business enterprises to finance projects or provide capital.
(bb)
(I)
To contract with the Colorado economic development commission created in section
24-46-102(1)
for the operation of the small business COVID-19 grant program established in section
24-48.5-126(3)
.
(II)
This subsection (1)(bb) is repealed, effective September 1, 2024.
Amended by 2022 Ch. 2,§129, eff. 2/25/2022.
Amended by 2021 Ch. 271,§3, eff. 6/21/2021.
Amended by 2020 Ch. 120,§1, eff. 6/23/2020.
L. 73: p. 807, § 1. C.R.S. 1963: § 69-11-7. L. 75: IP(1) and (1)(j), (1)(l), (1)(p), (1)(q), and (1)(s) amended and (1)(f) and (1)(u) added, p. 972, § 4, effective April 9. L. 77: (1)(v) and (1)(w) added, p. 1417, § 4, May 14. L. 79: (1)(j) amended, p. 1618, § 17, effective June 8. L. 82: (1)(j) amended and (1)(w) R&RE, pp. 71, 472, § 2, 3, effective April 15; (1)(g), (1)(l), (1)(s), and (1)(u) amended and (1)(k) R&RE, p. 465, § 5, 6, effective April 23. L. 84: (1)(aa) added, p. 807, § 2, effective April 13. L. 87: (1)(l), (1)(u), (1)(w), and (1)(aa) amended, p. 1193, § 9, effective May 20. L. 2007: (1)(aa) amended, p. 705, § 4, effective May 3. L. 2020: IP(1) amended and (1)(bb) added, (SB 20-222), ch. 497, p. 497, § 1, effective June 23. L. 2021: (1)(bb)(II) amended, (HB 21-1302), ch. 1571, p. 1571, § 3, effective June 21.
This section was originally numbered as §
29-4-707
in C.R.S. 1973 but was renumbered on revision in the 1977 replacement volume for ease of location.