(1) In addition to any other powers or duties specifically granted to the authority in part 2 of this article and in this part 3 the authority shall, as applicable to the respective program:

(a) Develop and implement the college savings program and the ABLE savings program in a manner consistent with this part 3 and with sections 529 and 529A of the internal revenue code, whichever is applicable, through the adoption of guidelines and procedures;

(b) Select the financial institution or institutions, and enter into a contract with said institution or institutions to serve as managers and to invest the contributions deposited into the accounts;

(c) Establish rules regarding withdrawal of funds, which rules shall include provisions that will enable the authority or the manager to determine if a withdrawal is a nonqualified withdrawal or a qualified withdrawal;

(d) (Deleted by amendment, L. 2000, p. 1288, § 16, effective May 26, 2000.)

(e) Seek rulings and other guidance from the United States department of the treasury, the internal revenue service, and the securities and exchange commission relating to the program as is necessary for proper implementation and development of the program;

(f) Make changes to the program required in order for account owners and beneficiaries and the program to obtain or maintain federal income tax benefits or treatment provided by section 529 or 529A of the internal revenue code, whichever is applicable, and exemptions under federal securities laws;

(g) When establishing policies, guidelines, and procedures, interpret the provisions of this part 3 broadly in light of the purpose and objectives set forth in this part 3;

(h) Charge, impose, and collect administrative fees and service charges in connection with any agreement, contract, or transaction relating to the program in amounts not exceeding the cost of establishing and administering the program, including the funding of scholarships and other grants;

(i) Approve the application and review, for purposes of compliance with applicable laws and regulations, any informational materials utilized by the manager to be furnished to persons who desire to participate in a program established in this part 3;

(j) and (k) Repealed.

(l) Require that every contract, application, deposit slip, or other similar document that may be used in connection with a contribution to an account clearly indicate that the account is not insured by this state and neither the principal deposited nor the investment return is guaranteed by the state;

(m) Make and execute savings contracts with account owners;

(n) Develop and implement a plan to promote the use of accounts in the college savings program by adult learners;

(o) Develop and implement procedures to allow an employer to make a matching contribution to an adult learner's account for any contribution made by the adult learner; except that any employer matching contribution shall be subtracted from federal taxable income pursuant to section 39-22-104 (4)(o), C.R.S., to the extent that the contribution is included in federal taxable income;

(p) Develop procedures to provide college planning and preparation for adult learners through the state-provided, free resource commonly referred to as "college in Colorado";

(q) Develop procedures for coordinating with the department of labor and employment to make information regarding accounts for adult learners available to potential participants;

(r) Do all things necessary and convenient to carry out the purposes of this part 3.

(2) Notwithstanding the restrictions in section 23-3.1-216, the authority is hereby authorized to contract with one or more financial institutions pursuant to section 23-3.1-305 to act as managers for the investment of contributions related to this program in stocks, bonds, mutual funds, and other such investments as deemed appropriate by the authority. In so doing, the authority shall be bound by the fiduciary duty described in section 15-1-304, C.R.S., and shall assure that investments by the managers are made with judgment and care that persons of prudence, discretion, and intelligence exercise in the management of the property of another, not in regard to speculation but in regard to the permanent disposition of funds, considering the probable income as well as the probable safety of capital. The funds contributed to the accounts established by account owners pursuant to this section are held in trust by the authority and the manager for the sole benefit of the account owner and beneficiary. These contributions are not subject to any limitations on the investment of public funds and are not subject to section 20 of article X of the state constitution, which limits fiscal year spending of state government and other districts.