2023 Colorado Revised Statutes › Title 35 - AGRICULTURE (§§ 35-1-101 — 35-81-102) › DEVELOPMENT AUTHORITY (§§ 35-75-101 — 35-75-205) › Article 75 - COLORADO AGRICULTURAL DEVELOPMENT AUTHORITY ACT (§§ 35-75-101 — 35-75-205) › Part 1 - GENERAL (§§ 35-75-101 — 35-75-127) › Section 35-75-107 - General powers and duties of authority

(1)
In addition to any other powers specifically granted to the authority in this article, 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 as it may designate;
(f)
To borrow money and issue bonds, notes, bond anticipation notes, or other obligations for any of its corporate purposes and to fund or refund such obligations as provided in this article;
(g)
To engage the services of private consultants and legal counsel to render professional and technical assistance and advice in carrying out the purposes of this article;
(h)
To procure insurance against any loss in connection with its property and other assets, including loans and loan notes, in such amounts and from such insurers as it may deem advisable;
(i)
To procure insurance or guarantees from any public or private entity, including any department, agency, or instrumentality of the United States, for payment of any bonds issued by the authority, including the power to pay premiums on any such insurance;
(j)
To receive and accept from any source aid or contributions of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of this article subject to the conditions upon which the grants or contributions are made, including, but not limited to, gifts or grants from any department, agency, or instrumentality of the United States for any purpose consistent with the provisions of this article;
(k)
To enter into agreements with any department, agency, or instrumentality of the United States or this state and with lenders;
(l)
To enter into loan agreements, sales contracts, and leases with contracting parties for the purpose of planning, regulating, and providing for the financing and refinancing of any agricultural enterprise;
(m)
To enter into contracts or agreements with lenders for the servicing and processing of loans;
(n)
To provide technical assistance to local public bodies and to profit and nonprofit entities in the development or operation of agricultural enterprises and to distribute data and information concerning the encouragement and improvement of agricultural enterprises and agricultural employment in the state;
(o)
To cooperate with and exchange services, personnel, and information with any federal, state, or local governmental agency;
(p)
To sell, at public or private sale, with or without public bidding, any loan or other obligation held by the authority;
(q)
To the extent permitted under its contract with the holders of bonds of the authority, to consent to any modification with respect to the rate of interest, time and payment of any installment of principal or interest, or any other term of any contract, loan, loan note, loan note commitment, contract, lease, or agreement of any kind to which the authority is a party;
(r)
To the extent permitted under its contract with the holders of bonds of the authority, to enter into contracts with any lender containing provisions enabling it to reduce 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 of this state, such reduction can be made without jeopardizing the economic stability of the agricultural enterprise being financed;
(s)
To make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this article;
(t)
To do all things necessary and convenient to carry out the purposes of this article;
(u)
To receive applications and issue deduction certificates for the income tax deduction for a portion of lease payments received by a qualified taxpayer for leasing the taxpayer's agricultural asset to an eligible beginning farmer or rancher as allowed in sections
39-22-104
and
39-22-304
, C.R.S.; except that the authority shall not issue more than one hundred deduction certificates per income tax year. The authority shall require that a copy of the schedule F that the eligible beginning farmer or rancher filed with the eligible beginning farmer's or rancher's federal income tax return be included as a part of the application for a deduction certificate.
Amended by 2016 Ch. 252,§ 3, eff. 8/10/2016.
L. 81: Entire article added, p. 1736, § 1, effective June 19. L. 2016: (1)(u) added, (HB 16-1194), ch. 252, p. 1033, § 3, effective August 10.