A. The Governing Board of the Redmond Transportation Benefit District is hereby abolished as a separate entity from the Redmond City Council, and all rights, powers, immunities, functions, and obligations otherwise vested in said Governing Board by Chapters 36.73 and 36.74 RCW and by Redmond Ordinance No. 3120 are hereafter vested in the Redmond City Council.
B. The City of Redmond Finance Director shall act as the ex officio Treasurer of the District.
C. The City Council shall develop and adopt a material change policy to address major transportation plan changes that affect project delivery or the ability of the District to finance the transportation plan. The major change policy shall address those matters set forth in RCW 36.73.160(1).
D. The City Council shall provide for the issuance of an annual report meeting the requirements of RCW 36.73.160(2).