The bill creates the southern Colorado institute of transportation technology (institute) at Colorado state university - Pueblo, which is designated as the host institution for the institute, and specifies that the role and mission of the institute is to conduct research related to the safety, security, and innovation of railroad, ground, and intermodal transportation and general issues related to surface transportation problems in the state. The institute must also support government and academic surface transportation related research and serve as a competitive funding resource for small Colorado businesses developing and testing surface transportation technologies.
The bill also:
- Establishes a governing board for the institute, requires the institute to have a director, and specifies the powers and duties of the governing board and the director;
- Requires the institute to annually report to the joint budget committee and education committee of the general assembly; and
- Specifies a process by which Colorado state university - Pueblo may opt out of being the host institution for the institute.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)