BOARD01726

• Board Meeting Date: 3/22/2005
• Description: Current State Legislative Issues
• Board Meetings - Doc Type: Memo

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OPERATIONS OWNED BY THE DISTRICT, AS DETERMINED BY THE BOARD.
THE ENTERPRISE IS AUTHORIZED TO ISSUE ITS OWN REVENUE BONDS. THE
ENTERPRISE SHALL RECEIVE UNDER TEN PERCENT OF ITS ANNUAL REVENUE
IN GRANTS FROM ALL STATE AND LOCAL GOVERNMENTS COMBINED. THE
ENTERPRISE IS HEREBY DECLARED TO BE A BODY POLmC AND CORPORATE
WITH THE RIGHTS AND LIABILITIES OF A POLmCAL SUBDIVISION OF THE
STATE OF COLORADO AND COMPONENT UNIT OF THE DISTRICT. THE
GOVERNING BODY OF THE ENTERPRISE SHALL BE THE BOARD. THE POWERS
OF THE ENTERPRISE SHALL BE THE SAME AS THE POWERS OF THE DISTRICT
AND INCLUDE SUCH POWERS AS ARE NECESSARY OR INCIDENTAL TO OR
IMPLIED FROM THE SPECIFIC POWERS GRANTED TO THE ENTERPRISE;
EXCEPT TIiAT THE ENTERPRISE SHALL HAVE NO POWER WHATSOEVER TO
LEVY ANY TAX.
37.49-104. Board of directors. (1) THE DISTRICT SHALL BE
MANAGED AND CONTROLLED BY A BOARD OF EIGHT DIRECTORS WHO
SHALL BE APPOINTED AND ELECTED PURSUANT TO SUBSECTIONS (3) AND
(4) OF THIS SECTION.
(2) (a) EXCEPT AS PROVIDED IN PARAGRAPH (b) OF THIS
SUBSECTION (2), DIRECTORS SHALL SERVE TERMS OF FOUR YEARS. A
DIRECTOR MAY SERVE MORE THAN ONE TERM. A DIRECTOR SHALL SERVE
UNTIL THE DIRECTOR'S SUCCESSOR IS APPOINTED OR ELECTED AND
QUALIFIED.
(b) AT THE FIRST ORGANIZATIONAL MEETING OF THE BOARD OF
DIRECTORS, THE DIRECTORS SHALL DECIDE BY LOT wmCH FOUR OF THEM
SHALL HAVE AN INmAL FOUR-YEAR TERM AND WHICH THREE OF THEM
SHALL HA VB AN INmAL TWO-YEAR TERM. UPON THE EXPIRATION OF THE
INITIAL TWO-YEAR TERMS OF OFFICE, DIRECTORS SHALL BE APPOINTED OR

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HBOS-l298