In accordance with RCW 82.46.035, and in addition to the excise tax on sale of real property imposed by Sections 3.10.010 and 3.10.020, there is imposed an excise tax on each sale of real property located within the corporate limits of the city at the rate of one-quarter of one percent (0.25%) of the selling price to be collected by the county as prescribed in RCW 82.46.060. Proceeds from this additional tax shall be deposited in a separate account in the municipal capital improvements fund and expended as authorized by law, solely for planning, acquisition, construction, reconstruction, repair, replacement, rehabilitation, or improvement of streets, roads, highways, sidewalks, street and road lighting systems, traffic signals, bridges, domestic water systems, storm and sanitary sewer systems, and planning, construction, reconstruction, repair, rehabilitation, or improvement of parks as specified in a capital facilities element of a comprehensive plan. (Ord. 703 § 1, 1992).