C.R.S. § 31-25-903: Formation of authority by municipality.

The governing body of a municipality may create and establish an authority by the passage of an ordinance therefor. The authority shall have all the powers provided in this part 9 that are authorized by the ordinance, or any amendment thereto, authorizing such authority. When established, the authority shall be a body corporate and capable of being a party to suits, proceedings, and contracts, the same as municipalities in this state. Any such authority may be dissolved by ordinance of the governing body if there are no outstanding bonds or other obligations of the authority or if adequate provision for the payment of such bonds or obligations has been provided.