The moneys in this fund shall be used exclusively for the construction, improvement and repair of arterial highways in the city as defined in RCW 46.04.030, and in accordance with the procedures established from time to time by the Washington State Director of Highways and the Division of Municipal Corporations and the comprehensive street program to be adopted and from time to time revised under Section 2 of Chapter 195, Laws of the State, 1961 Regular Session, as codified at RCW 35.77.010.