(1) The commission shall not deny a request to authorize the creation of a regional tourism authority if the commission otherwise approves an application for a regional tourism project that includes a request for the formation of a regional tourism authority.

(2) A regional tourism authority, if authorized, shall be governed by a board consisting of the following members:

(a) If the applicant is a single local governmental entity, two members appointed by the commission who are owners of commercial property within the regional tourism zone and three members appointed by the local governmental entity. Of the members appointed by the local governmental entity, at least one member shall be a locally elected official and at least one member shall represent the community at large.

(b) If the applicant is two local governmental entities, three members appointed by the commission who are owners of commercial property within the regional tourism zone and two members appointed by each of the local governmental applicants. Of the members appointed by the local governmental applicants, at least one member shall be an elected official of the local government and at least one member shall represent the community at large.

(c) Except as otherwise provided in paragraph (d) of this subsection (2), if the applicant is more than two local governmental entities, a single member who is an elected official and a single member who represents the community at large appointed by each local governmental entity and one less than an equal number of commercial property owners within the tourism zone appointed by the commission.

(d) If the applicant is more than two local governmental entities that consist of more than two counties, a single member who is an elected official and a single member who represents the county at large appointed by each county governmental entity and one less than an equal number of commercial property owners within the regional tourism zone who are appointed by the commission.

(3) Unless limited by the commission's conditions of approval, each authority shall have all of the powers necessary or convenient to carry out and effect the purposes and provisions of this part 3, including but not limited to the following powers:

(a) Perpetual existence and succession;

(b) To adopt, have, and use a corporate seal;

(c) To sue and be sued and to be a party to suits, actions, and proceedings;

(d) To undertake regional tourism projects;

(e) To enter into contracts and agreements affecting the affairs of the regional tourism authority as necessary to complete a regional tourism project;

(f) To receive, invest, pledge, spend, and otherwise utilize and expend state sales tax increment revenue in accordance with an approved regional tourism project;

(g) To assign and pledge to any metropolitan district or urban renewal authority having all or any portion of the regional tourism zone within its boundaries or service area the authority's right to receive and utilize state sales tax increment revenue to support bonds or other financing instruments issued or entered into by the metropolitan district or urban renewal authority for eligible costs or to acquire eligible improvements, including but not limited to loans or funding and reimbursement agreements with developers involved in the regional tourism project or other third parties;

(h) To borrow money and incur indebtedness and evidence the same by certificates and note and debentures, to issue bonds, and to invest any moneys of the authority not required for immediate disbursement in property or in securities in which public bodies may legally invest funds subject to their control pursuant to part 6 of article 75 of this title;

(i) To deposit any moneys not required for immediate disbursement in any depository authorized in section 24-75-603 and, for the purpose of making such deposits, to appoint by written resolution one or more persons to act as custodians of the moneys of the authority, which person or persons shall give surety bonds in the amounts and form and for the purposes as the authority requires;

(j) To make such appropriations and expenditures of its funds and to set up, establish, and maintain such general, separate, or special funds and bank accounts or other accounts as it deems necessary or convenient to carry out and effect the purposes and provisions of this part 3;

(k) To accept on behalf of the regional tourism authority real or personal property for the use of the authority and to accept gifts and conveyances made to the authority upon such terms or conditions as the board of the authority may approve;

(l) To adopt, amend, and enforce bylaws and rules that are not in conflict with the constitution and laws of the state for carrying out the business, objects, and affairs of the authority;

(m) To have and exercise all rights and powers necessary or incidental to or implied from the specific powers granted to the regional tourism authority by this part 3. Such specific powers shall not be considered as a limitation upon any power necessary or appropriate to carry out the purposes and intent of this part 3; and

(n) To authorize the use of electronic records or signatures and to adopt rules, standards, policies, and procedures for use of electronic records or signatures pursuant to article 71.3 of this title.

(4) A regional tourism authority shall not have the power of eminent domain and shall not have the power to impose or levy any sales tax, use tax, property tax, or any other tax.

(5) The board of directors of a regional tourism authority shall be subject to the provisions of the "Colorado Open Records Act", article 72 of this title, and the "Colorado Sunshine Act of 1972", article 6 of this title.