A. Enterprise Status: The development review enterprise is an enterprise operation of the City of Colorado Springs. The Manager shall operate the enterprise to ensure:
1. The enterprise remains a self-sustaining government owned business which may issue its own revenue bonds;
2. The enterprise continues to receive over seventy five percent (75%) of its annual nondebt revenue from nongovernment sources; and
3. The enterprise continues to receive under ten percent (10%) of its annual revenues in grants from all Colorado State and local governments combined.
B. Accountability:
1. All claims against the enterprise operations shall be in accord with chapter 1 of this Code.
2. In accord with the provisions of chapter 1 of this Code, the City Auditor shall have those duties and responsibilities imposed by City Council to ensure the public accountability of the enterprise operation.
C. Contracts:
1. The Manager is authorized to execute all necessary contracts and agreements in the name of the enterprise. Business contracts executed in the name of the enterprise shall be deemed to have been executed by the City of Colorado Springs on behalf of its enterprise and shall be legally enforceable by the City or the enterprise against third parties and by third parties against the City or enterprise to the same extent that would occur if the business contract had been executed by the City of Colorado Springs on behalf of its enterprise. In addition, all contracts executed in the name of the enterprise shall be interpreted or construed by any reviewing court as having been executed by the City of Colorado Springs on behalf of its enterprise.
2. The Manager is authorized to execute all enterprise contracts and agreements except those which by the City Charter, this Code or other controlling law are required to be executed by a municipal officer of the City. The Manager may delegate signatory authority by administrative regulation to staff reporting to the Manager and may provide by administrative regulation for the further delegation of signatory authority.
3. Real or personal property donated to or acquired by the enterprise shall be held in the name of the City of Colorado Springs or in the name of the City of Colorado Springs acting by and through its development review enterprise. (Ord. 00-201; Ord. 01-42; Ord. 01-67)