2015/02/04 Council Agenda Packet

1 ORDINANCE NO. An Ordinance creating a special revenue fund entitled"Transportation Benefit District," Fund 159 to account for all financial transactions relating to the City of Everett Transportation Benefit District WHEREAS, state legislation allows local governments to establish a Transportation Benefit District(TBD) and accompanying funding sources to provide for the preservation, maintenance, and construction of local transportation infrastructure; and WHEREAS, on June 18,City Council adopted Ordinance No. 3386-14,which established a transportation benefit district in the City of Everett;and WHEREAS, the boundaries of the TBD include the entire City of Everett as they currently exist or as may • be expanded upon annexation;and WHEREAS, on July 30, 2014, the Transportation Benefit District Board of Directors adopted Resolutions No. 1 and No.2, which established the charter and bylaws of the District, respectively;and WHEREAS, on August 6, 2014, City Council convened as the Board of Directors of the Transportation Benefit District and adopted District Resolution No.3, approving a $20.00 Vehicle License Fee; and WHEREAS, the$20 car tab fee revenue is restricted for the purpose of making transportation improvements that preserve,maintain, and improve the transportation infrastructure of the City of Everett, consistent with Chapter 36.73 RCW;and WHEREAS, segregating financial transactions into a separate fund will facilitate reporting and accountability for these restricted funds; • NOW,THEREFORE,THE CITY OF EVERETT DOES ORDAIN: Section 1: As special revenue fund is hereby established as Fund 159, entitled "Transportation Benefit District." Section 2: Authorization is hereby given to accumulate costs and distribute payments from Fund 159 to accomplish the purposes of the Transportation Benefit District as authorized in Ordinance No. 3386.14. 2