A. The Stevens County Treasurer shall place one percent (1%) of the tax imposed in the Stevens County Current Expense Fund to defray costs of collection.

B. The remaining proceeds from the City tax imposed shall be distributed to the City monthly and shall be placed by the City Clerk-Treasurer in a Municipal Capital Improvement Fund. These capital improvement funds shall be used by the City for local improvements, including those listed in RCW 35.43.040.

C. This section shall not limit the existing authority to impose special assessments on property benefited thereby in the manner prescribed by law.