(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.