4.12.015 Disposal of tax.
(1) The county treasurer shall place 1.3 percent of the proceeds of the taxes imposed under SCC 4.12.005 in the current expense fund to defray costs of collection.
(2) The remaining proceeds from the taxes imposed under SCC 4.12.005 shall be placed in separate accounts within the real estate excise tax fund created pursuant to this chapter or as required by chapter 4.13 SCC and used for the following purposes:
(a) Revenues generated from the tax imposed under SCC 4.12.005(1) shall be used by the county for capital projects, as defined by RCW 82.46.010, and the purposes authorized by chapter 82.46 RCW as adopted and subsequently amended.
(b) Revenues generated from the tax imposed under SCC 4.12.005(2) shall be used by the county solely for capital projects, as defined by RCW 82.46.035, and the purposes authorized by chapter 82.46 RCW as adopted and subsequently amended.
(3) Beginning with the preparation of the 2022 budget and annually thereafter, the selection of capital projects to be financed by the taxes imposed under SCC 4.12.005 shall be limited as follows:
(a) Total debt service to be paid in any year shall not exceed 50 percent of the total projected revenues of such taxes for that year;
(b) Up to 75 percent of projected tax revenues under SCC 4.12.005(1) or 4.12.005(2) may be used for debt service so long as the total to be paid in any year does not exceed the 50 percent limit imposed by subsection (3)(a) of this section; and
(c) The term for which a project may be financed shall not exceed the useful life of the project, provided that preference shall be given to a shorter term if the total debt service to be paid in any year will be close to the 50 percent limit imposed by subsection (3)(a) of this section. (Added by Ord. 82-041 § 2, May 6, 1982; Amended by Ord. 90-094, June 20, 1990; Amended by Ord. 05-131, Nov. 21, 2005, Eff date Dec. 18, 2005; Amended by Ord. 06-089, Nov. 20, 2006, Eff date Dec. 11, 2006; Amended by Ord. 07-123, Nov. 19, 2007, Eff date Dec. 17, 2007; Amended by Ord. 07-141, Dec. 19, 2007, Eff date Jan. 1, 2008; Amended by Ord. 09-123, Nov. 23, 2009, Eff date Dec. 21, 2009; Amended by Ord. 10-094, Nov. 22, 2010, Eff date Dec. 20, 2010; Amended by Ord. 11-069, Nov. 21, 2011, Eff date Dec. 19, 2011; Amended by Ord. 12-090, Nov. 19, 2012, Eff date Dec. 10, 2012; Amended by Ord. 13-081, Nov. 25, 2013, Eff date Dec. 21, 2013; Amended by Ord. 14-094, Nov. 24, 2014, Eff date Dec. 20, 2014; Amended by Ord. 15-078, Nov. 23, 2015, Eff date Dec. 20, 2015; Amended by Ord. 16-092, Nov. 14, 2016, Eff date Dec. 8, 2016; Amended by Ord. 17-077, Nov. 21, 2017, Eff date Dec. 23, 2017; Amended by Ord. 18-079, Nov. 19, 2018, Eff date Dec. 8, 2018; Amended by Amended Ord. 19-026, June 26, 2019, Eff date July 8, 2019; Amended by Ord. 19-070, Nov. 12, 2019, Eff date Nov. 28, 2019; Amended by Ord. 20-069, Nov. 10, 2020, Eff date Dec. 3, 2020; Amended by Ord. 21-088, Nov. 9, 2021, Eff date Nov. 22, 2021).
Reviser Note: Pursuant to Section 2 of Ordinance No. 06-089, the change to 1.3% in subsection (1) shall apply retroactively to and from July 1, 2006.