Colorado Revised Statutes Title 23. Postsecondary Education § 23-21-509. Status of part 4 corporation--effect of actions taken by part 4 corporation--validation of certain actions

(1) It is the intent of the general assembly in enacting this section to address the status of the part 4 corporation, and actions taken by such corporation on and after October 1, 1989, as said status and actions relate to the operation of university hospital by the authority. Nothing in this section shall be construed to affect any litigation concerning the part 4 corporation.

(2) The hospital assets and hospital liabilities which existed on September 30, 1989, and which were transferred by the regents to the part 4 corporation on October 1, 1989, shall be transferred to the authority in accordance with the provisions of this part 5.

(3) Any indebtedness or other obligations incurred by the part 4 corporation between October 1, 1989, and the transfer date under this part 5 shall be assumed by the authority on such transfer date.

(4) Any assets acquired by the part 4 corporation between October 1, 1989, and the transfer date under this part 5 may be transferred to the authority on such transfer date.

(5) Any contract, lease, license agreement, credit agreement, or similar business transaction entered into by the part 4 corporation between October 1, 1989, and the transfer date under this part 5 may be ratified by the authority on or after said transfer date. The ratification of any such transaction shall be in the sole discretion of the authority.

(6) The employees of the part 4 corporation shall be subject to the provisions of part 6 of this article with respect to the employment status and pension status of such employees.

(7) The transfer of moneys from PERA to a qualified retirement plan provided by the part 4 corporation on or after October 1, 1989, is declared to be a valid transfer. The status of the part 4 corporation's qualified retirement plan shall be as provided in section 23-21-604.

(8) The part 4 corporation shall cooperate with the authority in accomplishing the purposes of this section and the remaining provisions of this part 5 and in accomplishing the purposes of part 6 of this article.