(1) The board shall have the following powers and duties:

(a) To adopt an annual operating budget for the office;

(b) To set and administer policies regarding expenditures from the fund and the additional source fund for travel and tourism promotion, written and graphic materials, cooperative and matching promotional efforts, and other travel and tourism developmental and promotional activities benefitting the state;

(c) To annually gather and disseminate statistical information on the travel and tourism marketing effort, the amount and manner of expending public and private moneys in promoting travel and tourism, and the economic effect of the travel and tourism marketing effort upon the state. Such information shall be provided to the general assembly and the travel and tourism industry as a benchmark to measure the regional and statewide success of the prior year's efforts and to guide the efforts of subsequent years.

(d) To plan for the promotion and development of the travel and tourism industries;

(e) To cooperate with other public and private agencies and organizations in the development and promotion of Colorado's travel and tourism industries;

(f) To gather and disseminate information on Colorado's travel and tourism industries and to operate state visitors' centers for the purpose of disseminating such information;

(g) To purchase or lease real and personal property deemed necessary for the operation of visitors' centers or for any other activities of the board;

(h) To contract for those services and materials required by the activities of the board. Such services may include any administrative, secretarial, clerical, or other staff or personnel services deemed necessary.

(i) To expend moneys in the fund and the additional source fund for the planning, advertising, promotion, assistance, and development of tourism and travel industries in this state, for reimbursement for actual and necessary expenses of the board as authorized in section 24-49.7-103, and for operational expenses of the board;

(j) To accept and administer federal grant-in-aid moneys and to accept and administer donations and gifts of other moneys, property, or services devoted to the development and promotion of tourism and travel in the state;

(k) To finance and govern the operation and development of a toll-free telephone number and an internet site promoting travel and tourism in the state and the state visitors' guide as state-owned assets;

(l) To engage in activities for which private moneys can be secured and used for promotional activities including, but not limited to, telecommunications promotions, publication of privately financed electronic and paper visitor guides, and similar activities;

(m) To ensure that contracts involving the expenditure of moneys from the fund and the additional source fund are granted on a fair and equitable basis and that the purchasing value of such moneys is maximized to the fullest extent possible;

(n) To sue and be sued as a board, without individual liability, for acts of the board within the scope of the powers conferred upon it by this article;

(o) To take appropriate actions to establish the office and to facilitate the transfer of travel and tourism promotional activities from the Colorado tourism board and the Colorado travel and tourism authority to the office;

(p) To exercise any other powers or perform any other duties that are consistent with the purposes for which the office was created and that are reasonably necessary for the fulfillment of the board's assigned responsibilities.

(2) It is the intent of the general assembly that, in addition to its other duties, the board attempt to initiate joint efforts between public and private entities, joint marketing programs, and privately financed tourism promotional ventures when such activities are consistent with the powers and duties of the board.