(1) A governing body of a transit agency in a county that has a population of more than four hundred thousand and that adjoins a state boundary may establish one or more high capacity transportation corridor areas within all or a portion of the boundaries of the transit agency establishing the high capacity transportation corridor area. A high capacity transportation corridor area may include all or a portion of a city or town as long as all or a portion of the city or town boundaries are within the boundaries of the establishing transit agency. The members of the transit agency governing body proposing to establish the high capacity transportation corridor area, acting ex officio and independently, shall constitute the governing body of the high capacity transportation corridor area.

(2) A high capacity transportation corridor area may establish, finance, and provide a high capacity transportation system within its boundaries in the same manner as authorized for transit agencies under this chapter, subject to the following restrictions:

(a) Any combined tax rates imposed under this chapter within the boundaries of the transit agency establishing a high capacity transportation corridor area or areas may not exceed the maximum rates authorized under RCW 81.104.150, 81.104.160, and 81.104.170;

(b) If a majority of the voters within the boundaries of a high capacity transportation corridor area approve a proposition imposing any high capacity transportation taxes, the governing body of the high capacity transportation corridor area may not seek subsequent voter approval of any additional high capacity transportation taxes, notwithstanding any remaining authorized taxing capacity; and

(c) The governing body of a high capacity transportation corridor area may not submit any authorizing proposition for voter-approved taxes prior to July 1, 2012.

(3) A high capacity transportation corridor area constitutes a body corporate and possesses all the usual powers of a corporation for public purposes as well as all other powers that may be 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 transit agency that established the high capacity transportation corridor area apply to the area.

(4) A high capacity transportation corridor area may exercise the power of eminent domain to obtain property for its authorized purposes in the same manner as authorized for the transit agency that established the area.

(5) A high capacity transportation corridor area may be dissolved by a majority vote of the governing body when all obligations under any general obligation bonds issued by the high capacity transportation corridor area have been discharged and any other contractual obligations of the high capacity transportation corridor area have either been discharged or assumed by another governmental entity.