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

(a) The necessity for this part 5 results from the large population and population growth within metropolitan regions in the state, from the significant and growing demand for construction of beltways within such metropolitan regions to facilitate traffic movement in such metropolitan regions and the inadequacy of current transportation facilities to meet that demand, from the division of such metropolitan regions into a variety of incorporated and unincorporated areas, from the need to coordinate planning and construction of beltways or other transportation improvements to serve regional needs, and from the limited availability of state and federal funds for such purposes;

(b) The creation of public highway authorities implements section 18 (2) of article XIV of the state constitution and is essential to the continued economic growth of the metropolitan regions of this state, is in the public interest, and will promote the health, safety, and welfare of the citizens of this state by securing for them more adequate transportation;

(c) It is the intention of the general assembly that public highway authorities be formed to finance, construct, operate, or maintain all or a portion of a beltway or other transportation improvements in a metropolitan region which, because of the cost or the location thereof in the jurisdiction of more than one municipality or county, cannot feasibly be financed, constructed, operated, or maintained by a municipality or county acting alone and that it is not the intention of the general assembly that public highway authorities be formed to assume, directly or indirectly, the traditional role of counties or municipalities to finance, construct, operate, or maintain local arterial or collector streets;

(d) It is the intention of the general assembly that a beltway developed pursuant to this part 5 shall ultimately be supported by tolls and that, therefore, it is the intention of the general assembly that revenue-raising powers other than tolls, granted by this part 5 to authorities, counties, and municipalities, shall be terminated at such time as the boards of the authorities determine that projected tolls will be sufficient to meet the authorities' obligations to their bondholders and to operate and maintain such beltways or other transportation improvements.

(2) It is further the intent of the general assembly that no provision of this part 5 shall affect the "Public School Finance Act of 1973", article 50 of title 22, C.R.S., the "Public School Finance Act of 1988", article 53 of title 22, C.R.S., the "Public School Finance Act of 1994", article 54 of title 22, C.R.S., or any additional school financing mechanisms adopted by the general assembly.

(3) The general assembly further finds, determines, and declares that it is the intention of the general assembly that public highway authorities be permitted to qualify as enterprises under section 20 of article X of the state constitution. Since the Colorado supreme court in Nicholl v. E-470 Public Highway Authority, 896 P.2d 859 (Colo. 1995), determined that the power to impose taxes is inconsistent with the establishment of a public highway authority as an "enterprise" under section 20 of article X of the state constitution, those powers of taxation are hereby eliminated by S.B. 96-173, as enacted at the second regular session of the sixtieth general assembly.