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• <br /> Section 2 : LIEN. <br /> The real estate tax excise tax and interest or penalties thereon <br /> shall constitute a specific lien upon each piece of real property <br /> sold from the time of sale until the tax is paid, which lien may <br /> be enforced in the manner prescribed for the foreclosure of <br /> mortgages. <br /> Section 3 : SELLER'S OBLIGATION. <br /> The excise tax shall be the obligation of the seller of the real <br /> property and may be enforced through an action of debt against <br /> the seller or in the manner prescribed for the foreclosure of <br /> mortgages. Resort to one course of enforcement is not an <br /> election not to pursue the other. <br /> Section 4 : COLLECTION. <br /> The excise tax shall be paid to and collected by the Snohomish <br /> County Treasurer. The Treasurer shall act as agent for the City. <br /> The Treasurer shall cause a stamp evidencing satisfaction of the <br /> lien to be affixed to the instrument of sale or conveyance prior <br /> to its recording, or to the real estate excise tax affidavit in <br /> the case of used mobile home sales. A receipt issued by the <br /> Treasurer for the payment of the tax shall be evidence of the <br /> satisfaction of the lien imposed by Section 2 above, and may be <br /> recorded in the manner prescribed for recording satisfactions of <br /> mortgages. No instrument of sale or conveyance evidencing a sale <br /> subject to the tax may be accepted by the County Auditor for <br /> filing or recording until the tax is paid and the stamp affixed <br /> thereto; in case the tax is not due on the transfer, the <br /> instrument shall not be accepted until a suitable notation of <br /> this fact is made on the instrument by the Treasurer. <br /> Section 5: DISBURSAL OF TAX PROCEEDS. <br /> A. The Snohomish County Treasurer shall deposit one <br /> percent (1%) of the proceeds of the excise tax into the Snohomish <br /> County Current Expense Fund to defray the costs of collection. <br /> B. The remaining proceeds of the excise tax shall be <br /> remitted to the City on a monthly basis. <br /> Section 6 : DEPOSIT IN CAPITAL PROJECTS FUND. <br /> All proceeds of the excise tax collected hereunder shall be <br /> deposited into Fund 154 , Capital Projects Account. Monies in <br /> said fund shall be accumulated from year to year, and may be <br /> expended at such times as the City Council shall direct for <br /> purposes of making capital projects specified in a capital <br /> 2 <br />