From and after the effective date of this chapter, the City of Anacortes assumes all the rights, powers, immunities, functions, and obligations of the Anacortes Transportation Benefit District Number 1 previously established in this chapter, and the City of Anacortes is hereby vested with each and every right, power, immunity, function, and obligation granted to or possessed by the Anacortes Transportation Benefit District Number 1 under Chapter 36.73 RCW, this chapter, and/or any other applicable law as of the effective date of this chapter. The rights, powers, functions and obligations previously exercised and/or performed by the governing body of the Anacortes Transportation Benefit District pursuant to section 3.70.030 of this chapter are hereby assumed by and transferred to the City of Anacortes City Council. (Ord. 2967 § 2, 2016)