(1) To facilitate the transmission of electricity generated by a renewable energy cooperative established pursuant to section 7-56-210, C.R.S., the authority may issue revenue bonds in amounts sufficient to pay the following described costs of construction, upgrading, and acquisition, including any required interest on the bonds during construction, upgrading, and acquisition, plus all amounts required for the costs of bond issuance and any required reserves on the bonds:

(a) Construction of renewable energy generation facilities;

(b) Construction or upgrading of electric transmission lines and appurtenances to be used for the transfer of electricity at one hundred fifteen kilovolts or greater;

(c) Acquisition of the right-of-way on which renewable energy generation facilities or electric transmission lines and appurtenances to be used for the transfer of electricity at one hundred fifteen kilovolts or greater are to be constructed; and

(d) Construction or upgrading of electric distribution lines and appurtenances to be used to connect renewable resources or technologies to electric transmission lines and appurtenances.

(2) Revenue bonds, and interest thereon, issued pursuant to this section shall be payable from revenues derived from use of the renewable energy generation facilities or electric transmission lines constructed, upgraded, or acquired through the use of bond proceeds.

(3) Revenue bonds, including refunding revenue bonds, issued hereunder shall not constitute an indebtedness of the state, nor shall they constitute indebtedness within the meaning of any constitutional or statutory provision limiting the incurring of indebtedness.

(4) The proceeds of bonds, revenues, and receipts derived from the construction, upgrading, or acquisition activities described in this section that are financed in whole or in part by the bonds, and interest and income earned on the deposit and investment of such proceeds, revenues, and receipts, shall not be included in state fiscal year spending for purposes of section 20 of article X of the state constitution and article 77 of title 24, C.R.S.

(5) Nothing in this section shall be construed as authorizing the contracting by the state of a debt or loan in any form, nor the pledging of the general taxes of the state. Revenue bonds issued pursuant to this section shall not be construed to be moral obligation bonds. The owners or holders of such bonds shall not look to any other revenues of the state for the payment of the bonds; shall not look to any legal, equitable, or moral obligation on the part of the state to pay any portion of the bonds; and shall not look to the state general fund or any other fund of the state for the payment of principal or interest of such obligation.

(6) Revenue bonds, including refunding revenue bonds, issued hereunder and the income derived therefrom shall be exempt from all state, county, and municipal taxation in the state, except Colorado estate taxes.