Title
AN ORDINANCE authorizing the executive to execute an Asset Transfer and Trust Agreement with the Seattle Monorail Project for the transfer to King County of the Seattle Monorail Project's assets remaining upon its dissolution to be used by King County to support transportation uses within the Green Line Corridor.
Body
BE IT MOVED BY THE COUNTY COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. The Seattle Popular Monorail Authority ("the Seattle Monorail Project" or the "SMP") was a duly organized city transportation authority existing under RCW 35.95A.
B. The board of directors of the SMP ("the board"), at an open public meeting on September 23, 2005, approved Resolution 05-36A, Submitting Proposition 1 to Seattle voters.
C. Resolution 05-36A provided that in the event voters did not approve Proposition 1, "the Board shall terminate [the Seattle Monorail Project] as quickly as practicable, consistent with maximizing the realized value of SMP assets and efficiently discharging all obligations of [the Seattle Monorail Project]."
D. On November 8, 2005, Seattle voters rejected Proposition 1.
E. The board, at an open public meeting on November 9, 2005, approved Resolution 05-39, authorizing staff to take steps necessary to terminate the Seattle Monorail Project.
F. Pursuant to Resolution 05-39, the board took steps necessary to terminate the Seattle Monorail Project.
G. RCW 35.95A.120(2) provides, in relevant part, that a city transportation authority is dissolved and terminated if all of the following events have occurred:
1. A majority of the qualified electors voting at a regular or special election determine that new public monorail transportation facilities must not be built;
2. The governing body of the authority adopts a resolution and publishes a notice of the proposed dissolution at least once every week for three consecutive weeks in a newspaper of general circulation published in the authority area and the resolut...
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