(1) The excise tax of one-quarter of one percent collected pursuant to RCW 82.46.035 shall be placed in the County second quarter real estate excise tax fund; provided, that one percent of the total amount collected at the rate of one-quarter of one percent shall be placed in the County current expense fund to defray costs of collection.

(2) Proceeds deposited into either real estate excise tax fund shall be used in accordance with applicable State statutes. In addition, proceeds deposited into the second quarter real estate excise tax fund shall be used only for eligible projects designated on the County’s budget adoption resolution. Eligible projects in the unincorporated areas of the County must either be on the County’s ten (10) year capital facilities plan, six (6) year transportation improvement plan, parks improvement plan, or projects in unincorporated areas of the County proposed by other governmental jurisdictions and determined by the Board of Commissioners to be for necessary infrastructure.