Subject to subdivision (e) of Section 169.06 hereof, the penalties and interest set forth in Sections 171.01 and 171.02 shall apply to the underpayment of the estimated tax when the amount of estimated tax paid quarterly is eighty percent (80%) or less of the amount shown due the City on the annual return. Such penalties and interest for underpayment shall be calculated separately for each quarterly installment. Such penalties and interest for underpayment shall be in addition to penalties and interest imposed for failure to pay installments of estimated tax when due.
(Ord. 7464-02. Passed 5-6-02.)