From and after the effective date of Ordinance 1406, the city of Stanwood assumes all of the rights, powers, immunities, functions, and obligations of the Stanwood transportation benefit district previously established in this chapter, and the city of Stanwood is hereby vested with each and every right, power, immunity, function, and obligation granted to or possessed by the Stanwood transportation benefit district under Chapter 36.73 RCW, this chapter, and any other applicable law as of the effective date of the ordinance codified in this chapter. The rights, powers, functions, and obligations previously exercised and performed by the governing body of the Stanwood transportation benefit district pursuant to SMC 3.40.020 are hereby assumed by and transferred to the city of Stanwood city council. (Ord. 1520 § 1 (Exh. A), 2023).