(1) In addition to those powers conferred elsewhere in this part 1, the board of trustees has the power to:

(a) Appoint a president of Fort Lewis college who shall hold the office until removed by the board of trustees or until the president resigns the same;

(b) Appoint such other executive officers of the college as may be required;

(c) Appoint such faculty and employees as the necessities of the college demand;

(d) Determine the compensation to be paid to the president, executive officers, faculty, and professional staff;

(e) Sell, lease, or exchange real property, or any interest therein, as specified in section 23-30-102, the ownership of which is vested in the board of trustees or Fort Lewis college. The board of trustees shall report all proposed sales, leases, or exchanges of such real property adjacent to or titled in Fort Lewis college to the Colorado commission on higher education, which will review and approve or disapprove the proposed transaction pursuant to section 23-1-106.

(2) The board of trustees for Fort Lewis college shall have general supervision of the college and plenary power to enact rules and regulations for the governance of the college.

(3) All real and personal property held by the board of governors of the Colorado state university system for the benefit of Fort Lewis college, including the beneficial interest in the Hesperus property owned by the state board of land commissioners and the Hesperus fund, is hereby transferred to the board of trustees. Such transfer shall not include real or personal property held by the board of governors of the Colorado state university system for its own benefit.

(4) All existing or future debt, liabilities, or obligations of the board of governors of the Colorado state university system incurred or arising with respect to Fort Lewis college, including but not limited to outstanding revenue bond obligations, lease obligations, and debt, shall be the sole responsibility of the board of trustees on and after September 1, 2002, and on and after September 1, 2002, the board of governors of the Colorado state university system shall have no further liability with respect thereto.

(5) The board of governors of the Colorado state university system and the board of trustees shall enter into an intergovernmental agreement providing that:

(a) The board of trustees and the board of governors of the Colorado state university system shall jointly request that the state board of land commissioners extend the existing lease of the Hesperus property to the board of governors of the Colorado state university system for the use and benefit of the Colorado agricultural experiment station beyond its current expiration on the same terms and conditions for a period of not less than ten years. The board of governors of the Colorado state university system shall cooperate with the board of trustees to facilitate the use of portions of the Hesperus property, which is owned by the state board of land commissioners, so long as such uses are compatible and not inconsistent with the use and operation of property by the Colorado agricultural experiment station.

(b) The board of governors of the Colorado state university system shall have the right to use the real property upon which the Colorado state forest service district office is located on the Fort Lewis college main campus for a minimum of twenty-five years;

(c) The board of governors of the Colorado state university system shall prepare appropriate documentation for transfer of all bonded and municipal lease debt related to Fort Lewis college to the board of trustees. All costs associated with such transfer shall be paid by the board of trustees. The board of governors of the Colorado state university system and the board of trustees shall cooperate to obtain any approvals required, satisfy any conditions necessary to accomplish this transfer, and execute all implementing documentation.

(d) (I) The board of governors of the Colorado state university system and the board of trustees shall cooperate to identify and transfer to the board of trustees:

(A) Any local, state, or federal licenses or permits required for the operation of Fort Lewis college held in the name of the board of governors of the Colorado state university system, such as federal communications commission licenses, environmental permits, or liquor licenses; and

(B) Real property records or interests held by theboard of governors of the Colorado state university system for the benefit of Fort Lewis college.

(II) The board of trustees shall pay all costs associated with any such transfers.