There is created and established a new fund of the city to be known as the "arterial street fund," into which all moneys received pursuant to Chapter 7, Laws of 1961, extraordinary session, will be deposited. Funds shall be used exclusively to pay the cost of construction, improvement and repair of arterials as that term is defined in RCW 46.04.030, within the city of Vancouver. In accordance with said Chapter 7, the city shall provide matching funds in the amount of at least twenty-five percent of the cost of construction of approved projects. (Ord. M-582 §1, 1961)