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

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

C. Use of Proceeds. All proceeds from the tax imposed by this section shall be placed by the City Treasurer-Comptroller in a capital improvement fund and shall be used for capital improvements, including those listed in RCW 35.43.040. This section shall not limit the existing authority of this City to impose special assessments on property benefitted thereby in the manner prescribed by law. (Ord. 1076 § 1 (part), 1982).