(A) There is hereby imposed on all financial institutions located within the city for the 1996 tax-year and all subsequent tax-years, a franchise tax at the rate of 0.025% on all deposits maintained by such financial institutions.
(B) For transition purposes, the 1996 tax-year will be treated differently in terms of collection of taxes than for all subsequent years. For the 1996 tax-year, the following timetable is hereby established: the city will issue tax bills to financial institutions no later than May 1, 1997. Payment of the tax shall be due with two percent (2%) discount by May 31, 1997, or without discount by June 30, 1997.
(C) For all tax-years subsequent to the 1996 tax-year, the following timetable is hereby established: the city shall issue tax bills to financial institutions no later than December 1 of each year. Payment of the tax shall be due with a two percent (2%) discount by December 31 of each year, or without the discount by January 31 of each year.
(Ord. 545-1996, passed 10-14-96)