4.24.015 Imposition of Additional Tax.
There is imposed an additional excise tax on each sale of real property in the unincorporated areas of Pierce County at a rate of one quarter of one percent of the selling price effective January 1, 2002.
A. Revenues generated from the tax imposed by this Section shall be used solely for financing capital projects specified in Title 19E PCC, the Capital Facilities Element of the Pierce County Comprehensive Plan. However, revenues (1) pledged by such counties and cities to debt retirement prior to March 1, 1992, may continue to be used for that purpose until the original debt for which the revenues were pledged is retired, or (2) committed prior to March 1, 1992, by such counties or cities to a project may continue to be used for that purpose until the project is completed.
B. Revenues generated by the tax imposed by this Section shall be deposited in a separate fund.
C. For purposes of this Section, "Capital Project" means those public works projects of a local government for planning, acquisition, construction, reconstruction, repair, replacement, rehabilitation, or improvement of streets, roads, highways, sidewalks, street and road lighting systems, traffic signals, bridges, domestic water systems, storm and sanitary sewer systems, and planning, construction, reconstruction, repair, rehabilitation, or improvement of parks.
D. The County Auditor shall place one percent of the proceeds of the taxes imposed under this Section in the County General Fund to defray the cost of collection.
E. Expenditures of the remaining proceeds of the 2nd REET shall occur in the following functional areas and in the following percentages:
1. Twenty-five percent for Park and Recreation Capital Projects – The funds in this category shall be used primarily for facilities in unincorporated Pierce County.
2. Seventy-five percent for Transportation Capital Projects – The funds in this category shall be used primarily for facilities in unincorporated Pierce County.