(1) In addition to the powers conferred upon it, the transportation commission has
(a) To establish escrow accounts in any bank within the state of Colorado which is
a member of the federal deposit insurance corporation under protective agreements
in amounts sufficient to insure the payment of any bonds refunded under the provisions
of sections 43-3-201 to 43-3-214. Any or all of the accounts so established may be invested in direct obligations
of the United States with appropriate maturities and yields to insure such payment. The term of any such escrow agreement shall not exceed five and one-half years.
(b) To prescribe the terms, conditions, and manner in which such refunding bonds will
be issued and sold and to provide for the payment of the costs of such refunding,
including the fees of fiscal agents and attorneys and the charges of banks acting
as escrow depositaries;
(c) To do and perform all other things and acts, whether or not specifically enumerated
in sections 43-3-201 to 43-3-214 or in sections 43-3-215 to 43-3-218, to effect a refunding of said bonds in order to effect a saving in interest cost
to the state, but nothing in sections 43-3-215 to 43-3-218 shall be construed as authorizing the impairment of the obligation of contract.
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