(1) The board of trustees has the control and management of the Colorado school of mines and of the property belonging thereto, subject to the laws of this state, and may make all needful bylaws and regulations for the government of said board and for the management and government of the Colorado school of mines not inconsistent with the laws of this state.

(2) The board of trustees has the power to lease, for terms not exceeding eighty years, real or personal property, or both, to state or federal governmental agencies, persons, or entities, public or private, for the construction, use, operation, maintenance, and improvement of research and development facilities, health and recreation facilities, dormitories, and living, dining, and group housing buildings and facilities or for any of such purposes and to buy land and construct buildings and facilities therefor. None of the grounds so leased nor any of the improvements constructed thereon shall be used in any manner that discriminates against anyone because of race, creed, color, religion, national origin, ancestry, sex, or sexual orientation. The board of trustees has the power to borrow money in conjunction with such construction and leases and to assist in effecting any of such purposes. Any actions taken prior to May 27, 1965, by the board of trustees consistent with any power granted in this subsection (2) are ratified and validated.

(3) The board of trustees has the power to borrow funds, to issue securities and refunding securities, and to pledge income, fees, and revenues, as provided in sections 23-5-102 and 23-5-103. In addition to the purposes therein set forth, it may issue bonds, warrants, or certificates of indebtedness thereunder for constructing, purchasing, or otherwise acquiring, extending, and equipping research and development facilities and land for such purposes to be owned by the Colorado school of mines for the benefit of the Colorado school of mines or for the use of its students and employees. Research and development facilities and land acquired may also be used in part by such state or federal governmental agencies, persons, or entities, public or private, as may contract or enter into leases with the Colorado school of mines. Net income derived or anticipated to be derived from such facilities and land may be pledged, alone or with other sources, as authorized by section 23-5-103, to the payment of any securities or refunding securities issued pursuant to sections 23-5-102 and 23-5-103.

(4) The board of trustees has the power to lease portions of the college grounds to private persons and corporations for the construction of research and development facilities, health and recreation facilities, dormitories, and living, dining, or group housing buildings and facilities and to rent, lease, maintain, operate, and purchase such buildings and facilities. In exercising the powers conferred on it by this subsection (4), the board of trustees is authorized to enter into agreements which establish fixed rental rates for the full term of any lease, to let individual rooms and quarters within leased buildings and facilities at such rental rates as are approved by the board and prescribed in the lease, and to enter into agreements not to alter such rates during the term of any lease agreement without the prior consent of the lessor or his assigns.

(5) Nothing in subsections (2), (3), and (4) of this section shall constitute any authority to enter into any contract which in any way creates any debt or obligation upon the state on account of the construction of such buildings, improvements, or facilities.

(6) The provisions of this section shall not affect the tax liability on property leased as authorized by this section or leasehold interest resulting therefrom of individuals or corporations which do not qualify for tax exemption pursuant to the provisions of sections 39-3-106 to 39-3-113.5 or 39-3-116, C.R.S.

(7) Repealed.