(a) The tax imposed and collected or required to be collected under the provisions of this chapter and remaining unpaid to the City after the tax becomes due shall bear interest at the rate of one and one-half percent (1 ½%) per month or fraction thereof.
(b) In addition to interest as provided in subsection (a) hereof, penalties based on the unpaid tax are hereby imposed as follows:
(1) Any vendor who fails to remit any tax imposed by this chapter within thirty days after the date required shall pay, in addition to the tax, a penalty equal to ten percent (10%) of the amount of the tax.
(2) Any vendor who fails to remit any tax imposed by this chapter within sixty days after the date required shall pay, in addition to the tax, a penalty equal to fifteen percent (15%) of the amount of the tax.
(3) Any vendor who fails to remit any tax imposed by this chapter within ninety days after the date required or upon a second delinquency shall pay, in addition to the tax, a penalty equal to twenty percent (20%) of the amount of the tax.
(4) Any vendor who fails to remit any tax imposed by this chapter within one hundred twenty days or more after the date required or upon a third or later delinquency shall pay, in addition to the tax, a penalty equal to twenty-five percent (25%) of the amount of the tax.
(Ord. 57(98-99). Passed 10-25-99.)