(1) The District shall have the powers set forth in its Charter as approved by Ordinance No. 01-041 or as amended with Council approval by ordinance.

(2) Except as specifically provided in an interlocal agreement between the District and the County, the District shall take no action that might impose liability upon the County. All liabilities incurred by the District shall be satisfied exclusively from the assets, credit, and properties of the District, and no creditor or other person shall have any right of action against or recourse to the County, its assets, credit, or services, on account of any debts, obligations, liabilities or acts or omissions of the District.

(3) In the event that the District determines by August 1, 2001, that one or more joint Regional Center project(s) (as defined in the County PFD Act) located within the County is a viable project that is likely to begin construction before January 1, 2003, the District shall impose all or a portion of the sales tax authorized under RCW 82.14.390(1) in support of pursuing joint ownership, financing, or operational relationships with such Regional Center(s). Such tax proceeds shall be apportioned between such Regional Centers (taking into account adequate reserves to be maintained by the District) in an equitable manner that supports construction and operation of any viable joint Regional Center project or projects located in Snohomish County. In order to apportion the tax proceeds in an equitable manner, the District shall, at a minimum, make the following distributions: first, the District shall negotiate an interlocal agreement to guarantee to a viable Regional Center developed by the City of Everett and the Everett Public Facilities District an amount equal to $7,000,000 (present value); second, of the remaining tax proceeds, the District shall apply up to 10% to pay for parking to be provided to one or more Regional Centers by the County; and, third, the District shall apply the remaining 90% of tax proceeds equitably among viable Regional Centers (in all cases, taking into account adequate reserves to be maintained by the District).

(4) No later than December 31, 2002, the District shall provide a written report to the Council detailing its project list, and the percentage of anticipated tax proceeds flowing to each project.

(5) In consideration of the County’s loan of working capital to the District and to ensure that joint Regional Centers are developed in a manner that is consistent with the County’s regional planning objectives, intergovernmental relations with its incorporated cities, and available and planned infrastructure, the District shall not enter into an interlocal agreement to expend revenues in excess of $50,000 on such a joint Regional Center unless the County is party to the interlocal agreement.

(6) The District shall prepare, maintain and provide to the Council a financial and activities report not less than quarterly, and otherwise as directed by the Council.

(7) In consideration for the County’s loan of working capital, the District shall not impose any tax authorized under the County PFD Act, other than sales taxes imposed pursuant to RCW 82.14.390, without prior approval of the Council. (Added by Ord. 01-041, June 27, 2001, Eff date July 8, 2001; Amended by Amended Ord. 02-005, Mar. 13, 2002, Eff date Apr. 5, 2002; Amended by Ord. 02-066, Nov. 4, 2002, Eff date Nov. 15, 2002).