Section 23-3.1-206 - General powers and duties of the authority(1) In addition to any other powers and duties specifically granted to the authority in this part 2, the authority has the following powers: (a) (Deleted by amendment, L. 2000, p. 1276, § 7, effective May 26, 2000.)(b) To adopt and from time to time amend or repeal policies for the regulation of its affairs and the conduct of its business, consistent with the provisions of this part 2;(c) to (e) (Deleted by amendment, L. 2000, p. 1276§ 7, effective May 26, 2000.)(f) To borrow money and issue bonds, notes, bond anticipation notes, or other obligations and to fund or refund such obligations as provided in this part 2;(g) To engage the services of private consultants and legal counsel and to otherwise contract with providers to render professional and technical assistance, advice, and other services in carrying out the purposes of this part 2 and part 3 of this article without regard to the provisions of the "Procurement Code", articles 101 to 112 of title 24, C.R.S.;(i) To purchase or participate in the purchase of student obligations;(j) To sell or participate in the sale of student obligations;(k) To collect and pay reasonable fees and charges in connection with making, purchasing, originating, disbursing, and servicing or causing to be made, purchased, originated, disbursed, or serviced student obligations or institutional loans by the authority, including payment to the division for services performed for the authority and pursuant to part 3 of this article without regard to the provisions of the "Procurement Code", articles 101 to 112 of title 24, C.R.S.;(l) To procure insurance, guarantees, or other credit support with respect to all student obligations made or purchased or all institutional loans made by the authority;(m) To consent, whenever it deems it necessary or desirable in the fulfillment of its purposes, to the modification of the rate of interest, time of payment of any installment of principal or interest, or any other terms of any student obligation to which the authority is a party, but no such consent shall be made or given if its effect would be to obviate insurance coverage with respect to any student obligation;(n) To make and execute contracts, including advance payment contracts with purchasers and all other instruments necessary or convenient for the exercise of its powers and functions under this part 2;(o) To do all things necessary and convenient to carry out the purposes of this part 2 and of part 3 of this article including funding of grants, scholarships, and loan forgiveness;(p) to (r) (Deleted by amendment, L. 2000, p. 1276, § 7, effective May 26, 2000.)(s) To establish policies, procedures, and criteria to implement and administer the prepaid expense program;(t) To assure that nothing shall cause the authority to exceed the limitations prescribed in section 23-3.1-205.5;(u)(I) At times prescribed by the department of revenue, but not less frequently than annually, to certify to the department of revenue information regarding persons who owe a loan repayment to the division, the amount of which has been determined to be owing as a result of a final agency determination or judicial decision pursuant to 39-21-108 (3), C.R.S., or which has been reduced to judgment.(II) Such information shall include the name and social security number of the person owing the debt, the amount of the debt, and any other identifying information required by the department of revenue.(III) Upon notification by the department of revenue of amounts deposited with the state treasurer pursuant to section 39-21-108 (3), C.R.S., the state treasurer shall disburse such amounts to the division.(v) To implement and administer, including marketing, the Colorado collegeinvest scholarship program established in section 23-3.1-206.9;(w) To deposit moneys into the Colorado collegeinvest scholarship trust fund; to accept moneys appropriated to the fund by the general assembly; to accept gifts, grants, and donations from third parties for deposit into the fund; and to expend moneys from the fund for Colorado collegeinvest scholarships;(x) To organize entities pursuant to title 7, C.R.S., and transfer funds to the entities for the purpose of investing the moneys in the Colorado collegeinvest scholarship trust fund and any other trusts and funds under the authority's control; and(y) To develop and administer loan forgiveness programs.(2) No actions taken by the authority pursuant to this section shall be interpreted to constitute or become an indebtedness, a debt, or a liability of the state, nor shall any actions taken by the authority be interpreted to constitute the giving, pledging, or loaning of the full faith and credit of the state.L. 79: Entire article added, p. 815, § 1, effective July 1. L. 84: (1)(h) to (1)(l) amended, p. 625, § 21, effective April 10. L. 96: (1)(g) and (1)(n) amended and (1)(p) to (1)(s) added, p. 423, § 3, effective April 22. L. 2000: Entire section amended, p. 1276, § 7, effective May 26. L. 2002: (1)(u) added, p. 101, § 5, effective August 7. L. 2004: (1)(h), (1)(k), and (1)(l) amended, p. 566, § 13, effective July 1. L. 2005: (1)(x) amended, p. 1017, § 13, effective June 2; (1)(t) amended and (1)(v), (1)(w), and (1)(x) added, p. 168, § 2, effective July 1. L. 2008: (1)(g), (1)(k), (1)(o), (1)(v), (1)(w), and (1)(x) amended and (1)(y) added, p. 203, § 2, effective August 5. L. 2010: (1)(o) amended, (HB 10 -1428), ch. 390, p. 1830, § 7, effective June 9; (1)(h) repealed, (HB 10 -1428), ch. 390, p. 1830, § 6, effective September 30. L. 2011: (1)(y) amended, (HB 11 -1281), ch. 180, p. 689, § 13, effective May 19.