Colorado—CO2 Advisory Commission
218 N. Lee Street - Suite 300 - Alexandria, VA 22314
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The Colorado Clean Energy Development Authority Act created the CCEDA (Colorado Clean Energy Development Authority), to serve as an advisory commission on matters regarding clean energy.
Col. Rev. Stat. § 40-9.7-106.
40-9.7-106. Authority - duties and powers.
(1) The authority shall:
(a) Hire an executive director and such other employees or other agents as it deems necessary for the performance of its powers and duties, including consultants, financial advisors, and legal advisors, and prescribe the powers and duties and fix the compensation of the employees and agents. The executive director of the authority shall direct the affairs and business of the authority, subject to the policies, control, and direction of the board.
(b) Maintain records and accounts of revenues and expenditures as required by the state auditor;
(c) (I) Convene qualified task forces to develop proposed recommendations for its consideration, amendment, and adoption and thereafter itself adopt official recommendations for the general assembly regarding the types of clean energy projects that the authority should finance, refinance, or otherwise support. The authority shall convene the task forces as soon as the authority determines that it has received sufficient moneys from gifts, grants, donations, or project fees to adequately fund the activities of the task forces. The task forces shall develop and the authority shall adopt final recommendations as to:
(A) Whether hydroelectric power generation projects should be considered clean energy projects that the authority may finance, refinance, or otherwise support and, if so, the nature of any restrictions, including, but not limited to, technological or nameplate rating requirements, that such projects should satisfy as a prerequisite to authority financing, refinancing, or other support;
(B) Whether projects that involve integrated gasification combined cycle generation facilities or IGCC facilities, as defined in section 40-2-123 (2) (b) (II), other than the IGCC project described in section 40-2-123 (2) (b) (I) that is specifically defined as clean energy pursuant to section 40-9.7-103 (5) (g), or other clean coal technologies that have the potential for substantial sequestration of carbon emissions should be considered clean energy projects that the authority may finance, refinance, or otherwise support, and, if so, the nature and extent of any restrictions, including, but not limited to, specific carbon dioxide emissions sequestration requirements, that such projects should satisfy as a prerequisite to authority financing, refinancing, or other support; and
(C) Whether additional restrictions on the types of biomass projects that are considered clean energy projects that the authority may finance, refinance, or otherwise support are appropriate and, if so, what the restrictions should be.
(II) Before developing and adopting recommendations as required by subparagraph (I) of this paragraph (c), the task forces and authority shall solicit public input regarding the issues for which recommendations are to be developed and adopted. The authority shall include its recommendations in either its initial three-year plan prepared pursuant to paragraph (d) of this subsection (1) or, with respect to any recommendation that is not developed and adopted by February 1, 2008, in the first three-year plan that follows the development and adoption of the recommendation.
(d) (I) Except as otherwise provided in subparagraph (IV) of this paragraph (d), before financing, refinancing, or otherwise supporting any project, develop, adopt, and publish a three-year plan for its activities that includes:
(A) A description of how the planned activities of the authority are consistent with the findings and declarations of the general assembly expressed in section 40-9.7-102; and
(B) A description of the priorities of the authority in exercising its powers and duties, including a specific description of the relative emphases placed by the authority on fuel and electricity projects and on projects located within or outside the state.
(II) The authority shall develop, publish, and adopt a new three-year activity plan that includes the descriptions specified in subparagraph (I) of this paragraph (d) for each three-year period following the period covered by its initial three-year plan.
(III) Before adopting any three-year plan required by subparagraph (I) or (II) of this paragraph (d), the authority shall develop and publish a draft of the plan and solicit public comments on the plan.
(IV) The authority shall adopt and submit its initial three-year plan to the agriculture, natural resources, and energy committee of the senate and the transportation and energy committee of the house of representatives, or any successor committees, no later than February 1, 2008, and shall adopt and submit to said committees its subsequent three-year plans no later than February 1 of every third year thereafter.
(V) The authority may finance, refinance, or otherwise lend support to the projects described in section 40-9.7-108 (3) (d) before developing, adopting, and publishing a plan required by subparagraph (I) or (II) of this paragraph (d).
(2) In addition to any other powers specifically granted to the authority in this article, the authority has the following powers:
(a) To have perpetual existence and succession as a body politic and corporate;
(b) To have and to use a seal and to alter the same at its pleasure;
(c) To maintain an office at such place as it may designate;
(d) To adopt and from time to time amend or repeal bylaws for the regulation of its affairs and the conduct of its business, consistent with the provisions of this article;
(e) To fix the time and place of board meetings, whether within or outside the state, and the method of providing notice of the meetings;
(f) To make and pass orders and resolutions necessary for the government and management of the affairs of the authority and the execution of the powers vested in the authority;
(g) To appoint advisory committees and to define the duties thereof;
(h) To sue and be sued;
(i) To finance and refinance projects located within or outside the state and to enter into and perform its obligations under financing agreements;
(j) To issue bonds and refunding bonds in accordance with section 40-9.7-107;
(k) To enter into and perform its obligations under contracts and agreements affecting the affairs, assets, revenues, and property of the authority and affecting any bonds, financing agreements, or any other contracts of the authority, including, but not limited to, contracts for the origination, processing, and servicing of financing agreements;
(l) To purchase or arrange for bond insurance, letters of credit, standby bond purchase agreements, interest rate hedging, and other financial arrangements with respect to any bonds, financing agreements, or other contracts authorized by this article;
(m) To pledge all or any portion of the revenues payable to the authority pursuant to a financing agreement to secure bonds or the obligations of the authority under any financing agreement or contract authorized by this article;
(n) To use moneys in the fund or any account thereof to make loans to users or third-party financiers or to enter into other financing agreements in connection with the financing or refinancing of projects in accordance with section 40-9.7-108;
(o) To use or pledge all or any portion of the fund or any account thereof to pay or secure the payment of bonds or the obligations of the authority under any financing agreement or contract authorized by this article in accordance with section 40-9.7-108;
(p) In connection with a financing, a refinancing, or bonds issued to finance or refinance a project pursuant to an arrangement under which title to or in a project or an interest therein remains with the user or a third-party financier, to grant a mortgage or other lien upon or security interest in such project or an interest therein or any other property of the user or the third-party financier, upon or in one or more notes, debentures, bonds, loan agreements, leases, subleases, rental agreements, options to purchase, agreements to purchase output or products, guarantees, or any other property of the user or third-party financier or upon or in any other secured or unsecured obligations of the user or a third-party financier, as the authority deems advisable;
(q) To receive and accept from any source aid, grants or contributions of money, conveyances of real or personal property, labor, or other things of value, including, but not limited to, gifts or grants from any department, agency, or instrumentality of the United States, upon such terms and conditions as the authority may approve to be held, used, and applied by the authority to carry out the purposes of this article subject to any conditions upon which the aid, grants or contributions, property, labor, or other things of value are provided;
(r) To procure insurance against any loss in connection with its property and other assets, including loans and loan notes, in such amounts and from such insurers as it may deem advisable;
(s) To procure insurance or guarantees from any public or private entity, including any department, agency, or instrumentality of the United States, for payment of any bonds issued by the authority and to pay premiums for any such insurance;
(t) To enter into contracts and agreements with any user, third-party financier, or person;
(u) To provide technical assistance to local public bodies and for-profit and nonprofit entities in the development or operation of projects and to distribute data and information concerning the encouragement and improvement of projects;
(v) To enter into one or more agreements or contracts with the United States government, this state, any other state, any local government of this state or any other state, any public body, or any department, agency, or instrumentality of the United States government, this state, any other state, or any public body, in order to jointly finance or refinance one or more projects and to cooperate with and exchange services, personnel, and information with any such government, public body, department, agency, or instrumentality;
(w) To sell, at public or private sale, with or without public bidding, any notes, debentures, bonds, loan agreements, leases, subleases, rental agreements, agreements to purchase output or products, guarantees, or any other secured or unsecured obligations held by the authority;
(x) To provide information and training to employees of a project regarding any unique hazards that may be posed by the project, as well as training in safety work practices and emergency procedures; and
(y) To have and exercise all rights and powers necessary or incidental to or implied from the specific powers granted by this article and to do all other things necessary and convenient to carry out the purposes of this article.
(3) In performing its duties and exercising its powers under this article, the authority shall, to the greatest extent feasible, seek to ensure and provide open nondiscriminatory access to clean energy project financing and the use of clean energy projects that the authority finances, refinances, or guarantees.
Source: L. 2007: Entire article added, p. 1157, § 1, effective May 23.