Section 381.705 - Creation and purposes(1) Upon enactment by the State of Washington of legislation having the same material effect as ORS 381.702 to 381.755, local governments may enter into a commission formation agreement to form and charter a commission under this section. The commission is a public corporation formed under the laws of the State of Oregon and the State of Washington, vested with the powers and duties granted by ORS 381.702 to 381.755. The commission shall perform an essential governmental function and exercise the commission's powers for the public purposes described in this section.(2) Local governments by resolution may enter into a commission formation agreement, consistent with the requirements of ORS 381.702 to 381.755, to charter and form a commission. A commission formation agreement at a minimum must be approved and executed by the owner of an existing bridge and by the governing bodies of the counties within which an existing bridge is situated. A commission formation agreement may be adopted by local governments in phases, provided that all required elements of a commission formation agreement be adopted before a board may authorize the issuance of toll revenue bonds. A commission formation agreement must specify:(a) A name for the commission;(b) The date on which the powers granted to the commission by ORS 381.702 to 381.755 become effective;(c) The primary place of business for the purpose of establishing the applicable laws described in ORS 381.745;(d) The composition and appointment process for members of the board as described in ORS 381.710 (1) and (2);(e) The terms of office and any rules, responsibilities and requirements that apply to the offices of chair and cochair as described in ORS 381.710 (4);(f) The requirements for formal actions of the board as described in ORS 381.710 (5); and(g) Any other provisions adopted by a local government, provided that the provisions comply with the applicable laws under ORS 381.745 and do not impair or adversely affect the powers of the commission under ORS 381.702 to 381.755.(3) A commission formation agreement may allow for a board to amend the provisions of the commission formation agreement pursuant to subsection (2)(d) to (g) of this section and ORS 381.710 (5), and may establish conditions for an amendment.(4) The purposes of a commission are to: (a) Design, engineer, develop, finance, refinance, install, equip and construct a bridge to replace and remove an existing bridge;(b) Act as a cooperative bistate governance structure to develop, own or control, fix and adjust tolls and regulate the use of a bridge;(c) Oversee the efficient operation, maintenance, administration, rehabilitation and renewal of a bridge; and(d) Perform other duties and exercise other powers as may be conferred upon the commission by law.