(1) The commission shall not deny a request to authorize the creation of a regional tourism authority if the commission otherwise approves an application for a regional tourism project that includes a request for the formation of a regional tourism authority.
(2) A regional tourism authority, if authorized, shall be governed by a board consisting of the following members:
If the applicant is a single local governmental entity, two members appointed by thecommission who are owners of commercial property within the regional tourism zone and three members appointed by the local governmental entity. Of the members appointed by the local governmental entity, at least one member shall be a locally elected official and at least one member shall represent the community at large.
If the applicant is two local governmental entities, three members appointed by thecommission who are owners of commercial property within the regional tourism zone and two members appointed by each of the local governmental applicants. Of the members appointed by the local governmental applicants, at least one member shall be an elected official of the local government and at least one member shall represent the community at large.
Except as otherwise provided in paragraph (d) of this subsection (2), if the applicantis more than two local governmental entities, a single member who is an elected official and a single member who represents the community at large appointed by each local governmental entity and one less than an equal number of commercial property owners within the tourism zone appointed by the commission.
If the applicant is more than two local governmental entities that consist of more thantwo counties, a single member who is an elected official and a single member who represents the county at large appointed by each county governmental entity and one less than an equal number of commercial property owners within the regional tourism zone who are appointed by the commission.
(3) Unless limited by the commission's conditions of approval, each authority shall have all of the powers necessary or convenient to carry out and effect the purposes and provisions of this part 3, including but not limited to the following powers:
Perpetual existence and succession;
To adopt, have, and use a corporate seal;
To sue and be sued and to be a party to suits, actions, and proceedings;(d) To undertake regional tourism projects;
To enter into contracts and agreements affecting the affairs of the regional tourismauthority as necessary to complete a regional tourism project;
To receive, invest, pledge, spend, and otherwise utilize and expend state sales taxincrement revenue in accordance with an approved regional tourism project;
To assign and pledge to any metropolitan district or urban renewal authority havingall or any portion of the regional tourism zone within its boundaries or service area the authority's right to receive and utilize state sales tax increment revenue to support bonds or other financing instruments issued or entered into by the metropolitan district or urban renewal authority for eligible costs or to acquire eligible improvements, including but not limited to loans or funding and reimbursement agreements with developers involved in the regional tourism project or other third parties;
To borrow money and incur indebtedness and evidence the same by certificates andnote and debentures, to issue bonds, and to invest any moneys of the authority not required for immediate disbursement in property or in securities in which public bodies may legally invest funds subject to their control pursuant to part 6 of article 75 of this title;
To deposit any moneys not required for immediate disbursement in any depositoryauthorized in section 24-75-603 and, for the purpose of making such deposits, to appoint by written resolution one or more persons to act as custodians of the moneys of the authority, which person or persons shall give surety bonds in the amounts and form and for the purposes as the authority requires;
To make such appropriations and expenditures of its funds and to set up, establish,and maintain such general, separate, or special funds and bank accounts or other accounts as it deems necessary or convenient to carry out and effect the purposes and provisions of this part 3;
To accept on behalf of the regional tourism authority real or personal property for theuse of the authority and to accept gifts and conveyances made to the authority upon such terms or conditions as the board of the authority may approve;
To adopt, amend, and enforce bylaws and rules that are not in conflict with the constitution and laws of the state for carrying out the business, objects, and affairs of the authority;
To have and exercise all rights and powers necessary or incidental to or impliedfrom the specific powers granted to the regional tourism authority by this part 3. Such 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 3; and
To authorize the use of electronic records or signatures and to adopt rules, standards,policies, and procedures for use of electronic records or signatures pursuant to article 71.3 of this title.
A regional tourism authority shall not have the power of eminent domain and shallnot have the power to impose or levy any sales tax, use tax, property tax, or any other tax.
The board of directors of a regional tourism authority shall be subject to the provisions of the "Colorado Open Records Act", article 72 of this title, and the "Colorado Sunshine Act of 1972", article 6 of this title.
Source: L. 2009: Entire part added, (SB 09-173), ch. 434, p. 2409, § 1, effective June 4. L. 2011: (2)(c) amended and (2)(d) added, (HB 11-1006), ch. 4, p. 7, § 1, effective March 1. 24-46-307. State sales tax increment revenue. (1) In order to implement the collection of state sales tax increment revenue, the resolution adopted by the commission approving a regional tourism project shall state that state sales taxes, if any, levied and collected after the effective date of the commission's approval of the project shall be divided and distributed by the department of revenue as follows:
The portion of state sales taxes collected within the boundaries of the regional tourism zone equal to the base year revenue shall be paid into the state treasury as such state sales taxes are normally collected and paid; and
The portion of sales tax revenue in excess of the base year revenue shall be allocatedto and, when collected, paid into a special fund established by the financing entity. The financing entity shall segregate such revenue from other moneys of the financing entity, if any, and shall utilize such sales tax revenue solely to finance eligible costs incurred for the purpose of constructing the eligible improvements and implementing the regional tourism project. The special fund may be used, without limitation, to pay the principal of, the interest on, and any premiums due in connection with the bonds of, loans or advances to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise, such financing entity for financing or refinancing, in whole or in part, a regional tourism project. Any excess state sales tax collections not allocated pursuant to this paragraph (b) shall be paid into the funds of the state treasury.
(2) State sales tax increment revenue, together with any investment income earned thereon, shall be construed and treated for all purposes as being assigned to, the property of, and the revenue of the applicable financing entity and shall not be construed or treated for any purpose as revenue or property of the state.
Source: L. 2009: Entire part added, (SB 09-173), ch. 434, p. 2411, § 1, effective June 4.