(1) If the
commission determines pursuant to section 42-4-306 (23)(b) to implement an
expanded clean screen program in the enhanced emissions program area, there
shall be created a clean screen authority consisting of the executive director of the
department of public health and environment and executive director of the
department of revenue or their designees and any necessary support staff. The
authority shall constitute an enterprise for the 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 revenues in grants, as defined in
section 24-77-102 (7), C.R.S., from all Colorado state and local governments
combined. So long as it constitutes an enterprise pursuant to the provisions of this
section, the authority shall not be a district for purposes of section 20 of article X of
the state constitution.
(2) (a) The authority may, by resolution that meets the requirements of
subsection (3) of this section, authorize and issue revenue bonds in an amount not
to exceed five million dollars in the aggregate for expenses of the authority. Such
bonds may be issued only after approval by both houses of the general assembly
acting either by bill or joint resolution and after approval by the governor in
accordance with section 39 of article V of the state constitution. Such bonds shall
be payable only from moneys allocated to the authority for expenses of the division
and the commission pursuant to sections 42-4-306 and 42-4-307.
(b) All bonds issued by the authority shall provide that:
(I) No holder of any such bond may compel the state or any subdivision
thereof to exercise its appropriation or taxing power; and
(II) The bond does not constitute a debt of the state and is payable only from
the net revenues allocated to the authority for expenses as designated in such
bond.
(3) (a) Any resolution authorizing the issuance of bonds under the terms of
this section shall state:
(I) The date of issuance of the bonds;
(II) A maturity date or dates during a period not to exceed thirty years from
the date of issuance of the bonds;
(III) The interest rate or rates on, and the denomination or denominations of,
the bonds; and
(IV) The medium of payment of the bonds and the place where the bonds will
be paid.
(b) Any resolution authorizing the issuance of bonds under the terms of this
section may:
(I) State that the bonds are to be issued in one or more series;
(II) State a rank or priority of the bonds; and
(III) Provide for redemption of the bonds prior to maturity, with or without
premium.
(4) Any bonds issued pursuant to the terms of this section may be sold at
public or private sale. If bonds are to be sold at a public sale, the authority shall
advertise the sale in such manner as the authority deems appropriate. All bonds
issued pursuant to the terms of this section shall be sold at a price not less than the
par value thereof, together with all accrued interest to the date of delivery.
(5) Notwithstanding any provisions of law to the contrary, all bonds issued
pursuant to this section are negotiable.
(6) (a) A resolution pertaining to issuance of bonds under this section may
contain covenants as to:
(I) The purpose to which the proceeds of sale of the bonds may be applied
and to the use and disposition thereof;
(II) Such matters as are customary in the issuance of revenue bonds
including, without limitation, the issuance and lien position of other or additional
bonds; and
(III) Books of account and the inspection and audit thereof.
(b) Any resolution made pursuant to the terms of this section shall be
deemed a contract with the holders of the bonds, and the duties of the authority
under such resolution shall be enforceable by any appropriate action in a court of
competent jurisdiction.
(7) Bonds issued under this section and bearing the signatures of the
authority in office on the date of the signing shall be deemed valid and binding
obligations regardless of whether, prior to delivery and payment, any or all of the
persons whose signatures appear thereon have ceased to be members of the
authority.
(8) (a) Except as otherwise provided in the resolution authorizing the bonds,
all bonds of the same issue under this section shall have a prior and paramount lien
on the net revenues pledged therefor. The authority may provide for preferential
security for any bonds, both principal and interest, to be issued under this section to
the extent deemed feasible and desirable by such authority over any bonds that
may be issued thereafter.
(b) Bonds of the same issue or series issued under this section shall be
equally and ratably secured, without priority by reason of number, date, sale,
execution, or delivery, by a lien on the net revenue pledged in accordance with the
terms of the resolution authorizing the bonds.
(9) The clean screen authority shall be a government-owned business that
provides financial services to all entities providing inspection services, the
department, and the department of public health and environment with regard to
the revenues subject to section 42-3-304 (19).
(10) The clean screen authority may accept grants from any source and shall
deposit such moneys in the clean screen fund created in section 42-3-304 (19).
(11) The clean screen authority may contract with the department and
expend moneys from the clean screen fund for computer programming costs
associated with implementation of House Bill 01-1402, enacted at the first regular
session of the sixty-third general assembly. The department is authorized to
expend moneys pursuant to such contract, subject to annual appropriation by the
general assembly, effective the fiscal year commencing July 1, 2000.
(12) Repealed.