{"data":{"id":"us-co/c.r.s.-24-46-405","jurisdiction":"us-co","citation":"C.R.S. § 24-46-405","heading":"Transit investment authority - board - creation - powers and duties.","body":"(1) The commission shall not deny a request to authorize the creation of a transit investment authority if the commission otherwise approves an application for a transit investment project that includes a request for the formation of a transit investment authority.\n\n(2) A transit investment authority is governed by a board consisting of the following members:\n\n(a) If the applicant is a single local government:\n\n(I) Two members appointed by the commission who are owners of commercial property within the transit investment area;\n\n(II) Two members appointed by the local government who are elected officials of the local government; and\n\n(III) One member appointed by the transit agency or entity that operates the transportation facility that is the subject of the proposed transit investment project;\n\n(b) If the applicant is two local governments:\n\n(I) Two members appointed by the commission who are owners of commercial property within the transit investment area;\n\n(II) One member appointed by the transit agency or entity that operates the transportation facility that is the subject of the proposed transit investment project; and\n\n(III) One member appointed by each of the two local governments who is an elected official of one of the local governments;\n\n(c) If the applicant is more than two local governments:\n\n(I) One member appointed by each local government in the transit investment authority who is an elected official of one of the local governments; and\n\n(II) Three or more members, as determined by the commission so that the total number of members on a governing board is an odd number, representing commercial property owners within the transit investment area, appointed by the commission; and\n\n(d) One member appointed by the transit agency or entity that operates the transportation facility that is the subject of the proposed transit investment project.\n\n(3) Unless limited by the commission's conditions of approval, each transit investment authority has all the powers necessary or convenient to carry out this part 4, including the following powers:\n\n(a) Perpetual existence and succession;\n\n(b) To adopt, have, and use a corporate seal;\n\n(c) To sue and be sued and to be a party to suits, actions, and proceedings;\n\n(d) To undertake transit investment projects;\n\n(e) To enter into contracts and agreements affecting the affairs of the transit investment authority as necessary to complete a transit investment project;\n\n(f) To receive, invest, pledge, spend, and otherwise use and expend state sales tax increment revenue in accordance with an approved transit investment project;\n\n(g) To assign and pledge to any county revitalization authority, metropolitan district, authority formed by intergovernmental agreement among two or more metropolitan districts, regional transportation authority, or urban renewal authority having all or any portion of the transit investment area within its boundaries or service area the transit investment authority's right to receive and use state sales tax increment revenue to support bonds or other financing instruments issued or entered into by the county revitalization authority, metropolitan district, authority formed by intergovernmental agreement among two or more metropolitan districts, regional transportation authority, or urban renewal authority for eligible costs or to acquire eligible improvements, including loans or funding and reimbursement agreements with developers involved in the transit investment project or other third parties;\n\n(h) To borrow money and incur indebtedness and evidence the same by certificates and note and debentures;\n\n(i) To issue bonds in accordance with section 24-46-409;\n\n(j) To invest any of the authority's funds that are not required for immediate disbursement;\n\n(k) To deposit any funds not required for immediate disbursement in any depository authorized in section 24-75-603 and, for the purpose of making the deposits, to appoint by written resolution one or more persons to act as custodians of the authority's fund, which person shall give surety bonds in the amounts and form and for the purposes required by the authority;\n\n(l) To make appropriations and expenditures of its funds and to set up, establish, and maintain general, separate, or special funds and bank accounts or other accounts as it deems necessary or convenient to carry out this part 4;\n\n(m) To accept on its own behalf real or personal property for its own use;\n\n(n) To accept gifts and conveyances made to the authority upon the terms or conditions approved by the authority's board;\n\n(o) 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;\n\n(p) To have and exercise all rights and powers necessary or incidental to or implied from the specific powers granted to the transit investment authority by this part 4. The specific powers shall not be considered a limitation upon any power necessary or appropriate to carry out this part 4.\n\n(q) 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 24;\n\n(r) To ensure that every contract, construction activity, procurement, and project delivery for an approved transit investment project complies with the hiring, apprenticeship, and workforce standards applicable to infrastructure projects that are financed by the building urgent infrastructure and leveraging dollars authority as required by section 24-117-105 (6), to the extent applicable, and incorporate these standards into solicitations and agreements as applicable.\n\n(4) A transit investment authority does not have the power of eminent domain and does not have the power to impose or levy any sales tax, use tax, property tax, or any other tax.\n\n(5) The board of directors of a transit investment authority is subject to the \"Colorado Open Records Act\", part 2 of article 72 of this title 24, and the \"Colorado Sunshine Act of 1972\", article 6 of this title 24.","path":["Title 24 - GOVERNMENT - STATE","Article 46 - Economic Development","Part 4 - TRANSIT INVESTMENT AREA ACT"],"source_url":"https://olls.info/crs/crs2026-title-24.htm","current_through":"Colorado Revised Statutes 2026","vintage":"","retrieved_at":"2026-09-14T18:37:45Z","sha256":"e593d97ea33cda88716973806ec207db6200e7035cf06235dbb3dd131e0adeae","source_id":"us-co","stale":false,"prev":"us-co/c.r.s.-24-46-404","next":"us-co/c.r.s.-24-46-406"},"notice":"GroundRules: Original legal text. Not legal advice."}