1. (1) The building urgent infrastructure and leveraging dollars authority is created as a body corporate and a political subdivision of the state. The authority is not an agency of state government and is not subject to administrative direction by any department, commission, board, bureau, or agency of the state.

2. (2)

   1. (a) The powers of the authority are vested in the governing body of the authority, which is a board of directors. The board consists of thirteen members as follows:

      1. (I) The state treasurer or the state treasurer's designee;
      2. (II) The state architect or the state architect's designee;
      3. (III) The chair of the capital development committee of the general assembly or any successor committee;
      4. (IV) A member of the capital development committee of the general assembly or any successor committee who is the longest serving member on the committee and who belongs to the major political party other than the party of the chair of the committee;
      5. (V) A representative of a statewide organization representing counties, appointed by the governor;
      6. (VI) A representative of a statewide organization representing municipalities, appointed by the governor;
      7. (VII) The executive director of the Colorado educational and cultural facilities authority or their designee;
      8. (VIII) A representative of a statewide organization of general and specialty commercial construction contractors, appointed by the governor;
      9. (IX) A representative of a statewide employee organization representing building and construction trade workers, appointed by the president of the senate;
      10. (X) An individual representing service employees, appointed by the state treasurer;
      11. (XI) An individual with a background in finance who has experience with pension fund management, appointed by the state treasurer;
      12. (XII) An individual with a background in finance who has experience with bonds, appointed by the state treasurer; and
      13. (XIII) An individual with a background in commercial lending representing an institution insured by the federal deposit insurance corporation, appointed by the state treasurer.
   2. (b) The appointing authorities shall make their initial appointments to the board no later than January 1, 2026.
3. (3) The term of appointment for each member of the board appointed pursuant to subsection (2) of this section is four years; except that the term of each member initially appointed pursuant to subsections (2)(a)(V) and (2)(a)(XI) of this section is three years. A member may be appointed for no more than three terms. Any vacancy must be filled in the same manner as the original appointment for the unexpired term.
4. (4) Members of the board serve without compensation but are entitled to receive reimbursement for actual and necessary expenses incurred in the performance of the members' duties on the board.
5. (5) The state treasurer or the state treasurer's designee shall serve as the chair and shall call the first meeting of the board to occur no later than January 1, 2026.
6. (6) The board shall meet at least once every three months. The chair may call additional meetings as necessary for the board to complete its duties.

7. (7)

   1. (a) All meetings of the board are open to the public. No business of the board shall be transacted except at a regular or special meeting at which a quorum consisting of at least a majority of the total membership of the board is present. Any action of the board requires the affirmative vote of a majority of the members present at the meeting.
   2. (b) One or more members of the board may participate in any meeting and may vote through the use of telecommunications devices, including a conference telephone or similar communications equipment. Participation through telecommunications devices constitutes presence in person at the meeting. Use of telecommunications for participation does not supersede any requirements for open meetings otherwise provided by law.
8. (8) The board and any employee, other agent, or adviser of the authority shall act in good faith, in a commercially reasonable manner, and in the interest of the state.
9. (9) Any board member, employee, other agent, or adviser of the authority who has a direct or indirect interest in any contract, transaction, or proposal with the authority or any interest, direct or indirect, in a nonprofit or for-profit organization submitting a proposal to the authority shall disclose this interest to the authority. This interest must be set forth in the minutes of the authority, and a board member, employee, or other agent or adviser having such an interest shall not participate on behalf of the authority in the authorization of any such contract or transaction.
10. (10) All public records of the authority are subject to the Colorado Open Records Act, part 2 of article 72 of this title 24. All records are subject to any budget and audit laws applicable to the authority and may be subject to regular audit to the extent required by law.
11. (11) No part of the revenues or assets of the authority may inure to the benefit of, or be distributed to, the authority's members or officers.
12. (12) The authority may hire staff as it deems necessary or convenient to administer this article 117, and the department of personnel may assist the authority with administering this article 117. The authority may cooperate and enter into contracts with the department of personnel, or with another agency or entity, for administrative or operations matters, including for staffing. The authority shall pay the department of personnel, or another agency or entity that the authority has entered into a contract with, for all costs incurred for services, staffing, and administrative costs that are approved by the initial chairperson and ratified by the board or that are approved by the authority. Nothing in this article 117 precludes the authority from hiring staff and entering into contracts concurrently as the authority deems necessary or convenient for administration or operations matters.
13. (13) Any state agency may, subject to annual appropriations, provide technical advice, support, and assistance to the authority.
14. (14) The authority is a public entity as set forth in sections 24-10-103 (5) and 11-57-203 (3) and a special purpose authority as set forth in section 24-77-102 (15).
15. (15) The authority and its corporate existence continues until terminated by law; except that a law must not take effect so long as the authority has bonds or other outstanding obligations unless adequate provision has been made for the payment of the bonds or other outstanding obligations. Upon termination of the existence of the authority, all its rights and properties in excess of its obligations must pass to and be vested in the state.

Source: L. 2025: Entire article added, (SB 25-081), ch. 320, p. 1675, § 3, effective August 6.