(1) (a) The general assembly finds, determines, and declares that:

(I) The production and efficient use of energy will continue to play a central role in the future of this state and the nation as a whole; and

(II) The development, production, and efficient use of clean energy will advance the security, economic well-being, and public and environmental health of this state, as well as contributing to the energy independence of our nation.

(b) The general assembly further finds, determines, and declares that the authority and powers conferred under this article, as well as the expenditures of public money made pursuant to this article, will serve a valid public purpose and that the enactment of this article is expressly declared to be in the public interest.

(2) There is hereby created the Colorado energy research authority, referred to in this article as the "authority", which is a body corporate and a political subdivision of the state. The authority is not an agency of state government, nor is it subject to administrative direction by any department, commission, board, bureau, or agency of the state, except to the extent provided by this article.

(3) (a) The powers of the authority shall be vested in a board of directors.

(b) The board consists of three members appointed by the governor, with the consent of the senate, plus the following four ex officio members: The presidents of the Colorado school of mines and Colorado state university, the chancellor of the university of Colorado at Boulder, and the director of the national renewable energy laboratory, or their designees.

(c) The terms of the appointed members of the board shall be four years. An appointed member shall be eligible for reappointment. Each member shall hold office until a successor has been appointed and the senate has confirmed the appointment. A vacancy in the membership occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only. Each appointed member may be removed from office by the governor for cause, after a public hearing, and may be suspended by the governor pending the completion of such hearing.

(4) The members of the board shall elect a chair and a vice-chair. The members of the board shall also elect a secretary and a treasurer, who need not be members, and the same person may be elected to serve as both secretary and treasurer. The powers of the board may be vested in the officers from time to time. Four members shall constitute a quorum. No vacancy in the membership of the board shall impair the right of a quorum of the members to exercise all the powers and perform all the duties of the board.

(5) Each member of the board not otherwise in full-time employment of the state shall receive a per diem of fifty dollars for each day actually and necessarily spent in the discharge of official duties, and all members shall receive traveling and other necessary expenses actually incurred in the performance of official duties.