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There is created a special fund in the City of Snohomish, to be known as the tourism promotion fund. All taxes levied and collected under the provisions of this chapter shall be credited to the tourism promotion fund. Such taxes shall be levied only for the purposes authorized by the general laws of the state of Washington, including but not limited to attracting visitors and encouraging tourist expansion, and until withdrawn for use, the moneys accumulated in such fund may be invested in interest bearing securities by the City Treasurer in any manner authorized by law. (Ord. 1480, 1981)