(A) There is hereby levied an ad valorem tax of .242 cents for every $100 of the assessed valuation of motor vehicles and boats having situs in the city as of the first day of January, 2001, and for each year thereafter as listed in the tax assessment ledger compiled by the property valuation administrator of Logan County.
(B) All monies collected from the lax levied in this section shall be paid into the General Fund of the city to be used for the payment of proper expenditures as determined by the City Council.
(C) In accordance with KRS 132.497 and 134.800 through 134.820 and such other applicable statutes, the aforesaid tax shall be assessed under a centralized tax system and collected by the Clerk of Logan County. Payment to the city by the Clerk shall be governed by KRS 134.815 and other applicable statutes.
(Ord. 01-06, passed 10-8-01)