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Authorizing the creation of special transit districts within the boundaries of rapid transit authorities; prescribing the functions, powers, duties, responsibilities and privileges of special transit districts; providing for the governing board of special transit districts; authorizing the negotiation of a proposed specific facilities contract; authorizing the levy of an ad valorem tax on real and tangible personal property by such districts and providing a formula for the computation of such tax; providing for the collection of such ad valorem taxes; authorizing rapid transit authorities to pledge or encumber revenues from a special transit district to secure the payment of bonds, notes or other obligations; exempting the revenues of the district from taxes; providing that the authorization of the creation of a special transit district by a city shall not impair that city's credit or limit the city's power to levy ad valorem taxes; and containing a severability clause.