All taxes levied and collected pursuant to this chapter shall be credited to Everett and shall be used solely for the purpose of paying all or any part of the cost of operating the publicly owned mass transportation system of the city established under Chapter 3.48, or to pay or secure the payment of all or part of the principal of or interest on any general obligation bonds or revenue bonds issued for public transportation capital purposes and until withdrawn for use the moneys accumulated in such fund account or funds may be invested by the treasurer of the city in the manner authorized by the city council of the city. (Prior code § 4.68.050.)