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LIFT Tax may be applied either to provide for the payment of debt service on bonds <br /> issued under RCW 39.102.150 by the City or to pay public improvement costs on a pay- - <br /> as-you-go basis, or both. <br /> 3.4 Other Statutory Requirements. <br /> 1) In accordance with RCW 82.14.475(7): <br /> a) The LIFT Tax authorized by this ordinance shall first be imposed on <br /> July 1,2017,which is the first day of the State fiscal year. <br /> b) The cumulative amount of LIFT Tax distributions received by the City <br /> in any fiscal year shall not exceed the amount of the State contribution. <br /> c) The LIFT Tax shall cease to be distributed to the City for the <br /> remainder of any State fiscal year in which either: <br /> i. The amount of tax received by the City equals $500,000 or <br /> the amount of State Contribution as defined in RCW <br /> 39.102.020(28). <br /> ii. The amount of revenue from taxes imposed under this section <br /> by all sponsoring and cosponsoring local governments equals <br /> the annual state contribution limit; or <br /> iii. The amount of tax received by the sponsoring local <br /> government equals the amount of project awarded granted in <br /> the approval notice described in RCW 39.102.040; <br /> d) Neither the Local Excise Tax Allocation Revenues nor the Local <br /> Property Tax allocation revenues may constitute more than 80%of the <br /> total local funds as described in RCW 39.102.020(28)(b). This <br />