There is levied and shall be collected a leasehold excise tax on and after July 1, 1976, upon the act or privilege of occupying or using publicly owned real or personal property within the city through a “leasehold interest” as defined by RCW 82.29A.020; provided, that the following credits shall be paid, collected, and remitted to the Department of Revenue of the State at the time and in the manner prescribed by RCW 82.29A.050. (Ord. 761, 1976)