A. Imposition. Pursuant to RCW 82.46.010, there is imposed an excise tax on each sale of real property in the City constituting a taxable event as defined in Chapter 82.45 RCW, as the same now exists or may hereafter be amended. The tax imposed under this section shall be collected from persons who are taxable by the state under Chapter 82.45 RCW, as the same now exists or may hereafter be amended, and such tax shall comply with all applicable rules, regulations, laws and court decisions regarding real estate excise taxes as imposed by the state under Chapters 82.45 and 82.46 RCW, as the same now exist or may hereafter be amended.

B. Tax Rate. The rate of tax imposed by this section pursuant to RCW 82.46.010, as the same exists or may hereafter be amended, shall be one-quarter of one percent of the selling price of all real property upon which this tax is imposed.

C. Use of Proceeds. All proceeds from the tax imposed by this section shall be placed by the City Manager or authorized designee in the City’s general fund, identified in a separate line item, with expenditures therefrom restricted solely to those uses permitted by state law, namely, for financing capital projects, as defined in RCW 82.46.010(6), as the same exists or may hereafter be amended, specified in the capital facilities plan element of the City’s comprehensive plan or for housing relocation assistance under RCW 59.18.440 and 59.18.450. [Ord. 23 § 1, 1995.]