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A. Pursuant to Section 303, subsection (2) of 2ESSB 5987, the governing body of the Snohomish Transportation Benefit District established in Section 12.52.020 of the Snohomish Municipal Code is hereby abolished. The Snohomish City Council shall have the authority to exercise the statutory powers set forth in Chapter 36.73 RCW and this chapter.

B. The treasurer of the transportation benefit district shall be the City Finance Director.

C. The City shall implement the material change policy previously adopted by the Snohomish Transportation Benefit District to address major plan changes that affect project delivery of the ability to finance the plan, pursuant to the requirements set forth in RCW 36.73.160(1).

D. The City Council shall issue an annual report pursuant to the requirements of RCW 36.73.160(2).