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1 r - <br /> • <br /> • 1 the foreclosure of mortgages. Resort to one course of enforcement is not an election <br /> 2 not to pursue the other. <br /> 3 Section 4: COLLECTION. <br /> 4 The excise tax shall be paid to and collected by the Snohomish County Treasurer. <br /> 5 The Treasurer shall act as agent for the City. The Treasurer shall cause a stamp <br /> 6 evidencing satisfaction of the lien to be affixed to the instrument of sale or conveyance <br /> 7 prior to its recording, or to the real estate excise tax affidavit in the case of used <br /> 8 mobile home sales. A receipt issued by the Treasurer for the payment of the tax shall <br /> 9 be evidence of the satisfaction of the lien imposed by Section 2 above, and may be <br /> 10 recorded in the manner prescribed for recording satisfactions of mortgages. No <br /> 11 instrument of sale or conveyance evidencing a sale subject to the tax may be accepted <br /> 12 by the County Auditor for filing or recording until the tax is paid and the stamp affixed <br /> 13 thereto; in case the tax is not due on the transfer, the instrument shall not be accepted <br /> 14 until a suitable notation of this fact is made on the instrument by the Treasurer. <br /> 15 Section 5: DISBURSAL OF TAX PROCEEDS. <br /> 16 A. The Snohomish County Treasurer shall deposit one percent (1%) of the <br /> 17 proceeds of the excise tax into the Snohomish County Current Expense Fund to defray <br /> 18 the costs of collection. <br /> 19 B. The remaining proceeds of the excise tax shall be remitted to the City on <br /> 20 a monthly basis. <br /> 21 Section 6: DEPOSIT IN GENERAL GOVERNMENT SPECIAL PROJECTS <br /> 22 FUND. <br /> 23 All proceeds of the excise tax which are disbursed to the City shall be deposited <br /> 24 into the General Government Special Projects Fund 115. Monies in said fund shall be <br /> 25 accumulated from year to year, and may be expended at such times as the City Council <br /> 26 shall direct for purposes of making capital improvements for the public benefit, <br /> 27 including but not limited to those capital improvements listed in RCW 35.43.040. <br /> 28 <br /> J�i _ roe <br /> 29 ATTE WILLIAM . MOORE, Mayor <br /> 010, <br /> 30 ' <br /> /40 <br /> / W° it Werk <br /> 31 <br /> Passed: e76 <br /> .32 Valid: 5 r-e-6 <br /> Published:s-_ <br /> -2- <br />