There is hereby created ATBD No. 1 with geographical boundaries comprised of the corporate limits of the city, as those boundaries may be adjusted in the future. ATBD No. 1 shall be a quasi-municipal corporation and an independent taxing “authority” within the meaning of Article VII, section 1 of the Washington State Constitution, and a “taxing district” within the meaning of Article VII, section 2 of the Washington State Constitution. ATBD No. 1 shall constitute a body corporate and possess all the usual powers of a corporation for public purposes as well as all other powers that may now or hereafter be specifically conferred by statute, including, but not limited to, the authority to hire employees, staff, and services, to enter into contracts, to acquire, hold, and dispose of real and personal property, and to sue and be sued. Public works contract limits applicable to the City of Anacortes shall apply to the district. (Ord. 2926 § 2(1.), 2014)