23-19.7-103. Higher education competitive research authority - powers and duties. (1) Except as otherwise limited by this article, the authority, acting through the board, has the power:
(a) To have the duties, privileges, immunities, rights, liabilities, and disabilities of a body corporate and political subdivision of the state;
(b) To sue and be sued;
(c) To have an official seal and to alter the same at the board's pleasure;
(d) To make and alter bylaws for its organization and internal management and for the conduct of its affairs and business;
(e) To maintain an office at such place or places within the state as it may determine;
(f) To acquire, hold, use, and dispose of its moneys;
(g) To make and enter into all contracts, leases, and agreements that are necessary or incidental to the performance of its duties and the exercise of its powers under this article;
(h) To deposit any moneys of the authority in any banking institution within or outside the state;
(i) To fix the time and place or places at which its regular and special meetings are to be held;
(j) To accept gifts, grants, and donations; and
(k) To do all things necessary or convenient to carry out its purposes and exercise the powers granted in this article.
(2) The authority shall direct the allocation of moneys in the innovative higher education research fund created in section 23-19.7-104 to the extent required, as determined by the board, to provide matching funds for one or more proposals of public institutions of higher education in Colorado for federal research funding.
(3) Notwithstanding the provisions of section 24-1-136 (11)(a)(I), C.R.S., on or before March 1, 2008, and on or before March 1 of each year thereafter, the authority shall submit a report to the education committees of the house of representatives and the senate, or any successor committees, that describes the research projects that received funding under this article during the preceding calendar year. At a minimum, the report shall specify the following information with regard to each project:
(a) A description of the project, the principal persons or entities involved in the project, and the amount of funding allocated to each principal person or entity;
(b) The manner in which each principal person or entity applied the funding in connection with the project; and
(c) The results achieved by the project.
