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A. There is imposed an additional 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 in the amount of one-quarter of one percent of the selling price. 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. All proceeds from the tax imposed by this section received by the city shall be placed by the city finance director in a separate fund. Such tax proceeds may be used solely for financing capital projects specified in a capital facilities plan element of a city comprehensive plan as defined by Section 3, Engrossed Substitute House Bill No. 2929, Chapter 17, Laws of 1990. (Ord. 1392 § 1, 1990).