The King County treasurer shall place one percent of the proceeds of the tax imposed by BCC 4.06.010 in the county current expense fund to defray costs of collection. The remaining proceeds from the tax imposed by BCC 4.06.010 shall be distributed to the city monthly and shall be placed in the real estate excise tax fund and shall be used for capital improvements in accordance with the requirements of RCW 82.46.010, as amended. This section shall not limit the existing authority of the city to impose special assessments on property benefited thereby in the manner prescribed by law. (Ord. 4366 § 8, 1992; Ord. 3213 § 4, 1982.)