A. Imposition. There is imposed an excise tax on each sale of real property constituting a taxable event as defined in Chapter 82.45 RCW and occurring within the corporate limits of the city. The tax imposed under this section shall be collected from persons who are taxable by the state under Chapter 82.45 RCW 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 Chapter 82.45 RCW.

B. Rate of Tax. The rate of tax imposed by BMC 3.30.010(A) shall be one-quarter of one percent of the selling price of all real property upon which this tax is imposed by BMC 3.30.010(A).

C. Use of Proceeds. All proceeds from the tax imposed by this section shall be placed by the city treasurer in a capital improvement fund and shall be used for capital improvements, including those listed in RCW 35.43.040. This chapter shall not limit the existing authority of this city to impose special assessments on property benefitted thereby in the manner prescribed by law. (Ord. 1050 § 2, 1982).