§ 23-3.1-203 — Authority - creation - membership - transfer of personnel

Colorado § 23-3.1-203

• Jurisdiction: Colorado
• Title 23: Postsecondary Education
• Art.: Student Loan Program

Text

(1)
Effective May 26, 2000, the authority shall be transferred to the department of
higher education, and shall become a division thereof. Except as otherwise provided
in this article, on and after May 26, 2000, the authority shall exercise its powers,
duties, and functions under the department of higher education as if it were
transferred by a type 2 transfer under the provisions of the Administrative
Organization Act of 1968, article 1 of title 24, C.R.S. The director shall be appointed
by the executive director, shall function as the executive officer of the authority,
and shall also be director of the student loan division. The director, with the
approval of the executive director, shall employ such professional and clerical
personnel as may be deemed necessary to carry out the duties and functions of the
authority. Such personnel shall receive compensation for their services as
determined by the director. The director and all personnel of the authority are
declared to hold educational offices and to be exempt from the state personnel
system.

(2) (a) Effective May 26, 2000, the board of directors of the authority, as it
existed prior to May 26, 2000, shall be transferred with the authority to the
department of higher education. The board continues to consist of nine members
who are appointed by the governor, with the consent of the senate. Such members
must be residents of the state. The term of office of each member is four years;
except that the terms shall be staggered so that no more than three members'
terms expire in the same year. Each member shall serve until a successor has been
appointed by the governor. Any member is eligible for reappointment. The governor
shall fill any vacancy by appointment for the remainder of an unexpired term. Any
member appointed by the governor when the general assembly is not in regular
session, whether appointed for an unexpired term or for a full term, shall be
deemed to be duly appointed and qualified until the appointment of such member is
approved or rejected by the senate. Such appointment shall be submitted to the
senate for its approval or rejection during the next regular session of the general
assembly following the appointment.

(b) Any member of the board appointed by the governor may be removed by
the governor.

(3) (a) On and after July 1, 2004, the division of the department of higher
education known prior to said date as the Colorado student obligation bond
authority shall be formally and legally known as and designated collegeinvest.

(b) On and after July 1, 2004, whenever the Colorado student obligation bond
authority or the board of directors of the Colorado student obligation bond
authority is referred to or designated by a contract or other document, such
reference or designation shall be deemed to apply to collegeinvest as a division of
the department of higher education pursuant to this section. All contracts entered
into by or on behalf of the Colorado student obligation bond authority or its board
prior to July 1, 2004, are hereby validated as obligations of collegeinvest.

Legislative History

Source: L. 79: Entire article added, p. 813, � 1, effective July 1. L. 84: (2) R&RE, p. 624, � 17, effective April 10. L. 87: (2)(a) amended, p. 906, � 13, effective June 15. L. 2000: Entire section amended, p. 1271, � 3, effective May 26. L. 2004: (1) amended and (3) added, p. 563, � 7, effective July 1. L. 2006: (1) amended, p. 513, � 10, effective July 1. L. 2022: (2)(a) amended, (SB 22-013), ch. 2, p. 30, � 38, effective February 25.