There is created a transportation benefit district to be known as the Yarrow Point transportation benefit district or "district" with geographical boundaries comprised of the corporate limits of the town as they currently exist or as they may exist following future annexations.
(Ord. 760 § 2 (Exh. A), 2024)
A. 
The governing board or "board" of the transportation benefit district shall be the Yarrow Point town council acting in an ex officio and independent capacity, which shall have the authority to exercise the statutory powers set forth in Chapter 36.73 RCW.
B. 
The treasurer of the transportation benefit district shall be the town clerk-treasurer.
C. 
The board shall develop a material change policy to address major plan changes that affect project delivery or the ability to finance the plan, pursuant to the requirements set forth in RCW 36.73.160(1).
D. 
The board shall issue an annual report, pursuant to the requirements of RCW 36.73.160(2).
(Ord. 760 § 2 (Exh. A), 2024)
A. 
The district board may impose an additional sales and use tax to be collected from persons who are taxable by the state, as provided for by RCW 82.14.0455. The amount of the additional tax shall be one-tenth of one percent of the selling price, in the case of the sales tax, or the value of the article used, in the case of the use tax.
B. 
When approved by voters pursuant to Chapter 36.73 RCW, the district may assess other taxes, fees, charges and tolls and impose increases in the same for the uses and purposes identified in this chapter.
C. 
The district may issue general obligation bonds or revenue bonds in accordance with the provisions of RCW 36.73.070.
(Ord. 760 § 2 (Exh. A), 2024)
The funds generated through the district shall be used for any purpose allowed by law including the operation of the district and to make transportation improvements that are consistent with existing state, regional and local transportation plans, and as described in Chapter 36.73 RCW. The transportation improvements funded by the district shall preserve, operate, and maintain the town's long-term investments in its transportation infrastructure, reduce the risk of transportation facility failure, improve safety and accessibility, expand and upgrade transportation infrastructure, continue optimal performance of the infrastructure over time, and avoid more expensive infrastructure replacements in the future. Additional transportation improvement projects may be funded only after compliance with the provisions of Chapter 36.73 RCW.
(Ord. 760 § 2 (Exh. A), 2024)
The transportation benefit district shall be automatically dissolved when all indebtedness of the district has been retired and when all of the district's anticipated responsibilities have been satisfied. Street preservation, maintenance, and operation are ongoing, long-term obligations of the town.
(Ord. 760 § 2 (Exh. A), 2024)