(1) Monies deposited into the real estate tax cumulative reserve fund shall be placed in separate accounts and administered in accordance with RCW 82.46.010, 82.46.030, and 82.46.035 and SCC 4.12.015.

(2) The resources in the real estate excise tax cumulative reserve fund shall accumulate from year to year until such time as the council by ordinance appropriates all or part of the resources in the fund for a purpose described in this chapter. Such resources shall not be used for any other purpose, except as provided by state law. (Added by Ord. 05-131, Nov. 21, 2005, Eff date Dec. 18, 2005).