A. There is established a City of Snohomish Municipal Capital Improvements Fund. All proceeds of the excise tax imposed under Section 3.40.010(A) and which are disbursed to the City shall be deposited into the fund. Monies in the fund shall be accumulated from year to year, and may be expended at such times as the City Council shall by ordinance direct for the purposes of making capital improvements for the benefit, including, but not limited to, those capital improvements listed in RCW 35.43.040 Revenues generated from the tax imposed in Section 3.40.010(A) shall be used primarily for financing capital projects specified in a capital facilities plan element of a comprehensive plan and housing relocation assistance under Sections 49 and 50 of chapter 17, Laws of 1990, First Extraordinary Session. However, revenues
1. Pledged by the City to debt retirement prior to July 1, 1990 may continue to be used for that purpose until all outstanding debt is retired; or
2. Committed prior to July 1, 1990 to a capital project may continue to be used for that purpose until the project is completed.
B. Revenues generated from the taxes imposed by 3.40.010(B) shall be deposited into the municipal capital improvements fund and used solely for the financing of capital projects specified in a capital facilities plan element of a comprehensive plan approved by the City Council. (Ord. 1704, 1991.)