(A) For transition purposes, the schedule for the bills and payment of the franchise tax hereby levied and imposed for 1996 shall be different than the schedule thereof for all subsequent years:
1. The executive authority of the city shall cause a bill for the franchise tax levied and imposed hereby, for the year of 1996, to be issued to each financial institution subject thereto, no later than May 1, 1997.
2. The franchise tax levied and imposed hereby for 1996 shall be due and payable to the city, on May 31, 1997, at the office of the City Clerk, and shall be subject to a discount of 2% thereof if paid prior thereto; and shall become delinquent on June 30, 1997 and, thereafter, there shall be added thereto a penalty of 20% thereof, plus interest thereon at the rate of 6% per annum after June 30, 1997, until paid, plus the costs of collection, including, without limitation, court costs and reasonable attorney's fees.
(B) Except for the franchise taxes levied and imposed hereby for the year of 1996, the schedule for the bills and payment of the annual franchise tax levied and imposed hereby shall be as follows:
1. The executive authority of the city shall cause a bill for the annual franchise tax levied and imposed hereby to be issued to each financial institution subject thereto, on or before the lst day of December of each calendar year.
2. The franchise tax levied and imposed hereby shall be due and payable to the city, on the 31st day of December of each year, at the office of the City Clerk; and shall be subject to a discount of 2% thereof if paid prior thereto; shall become delinquent on the 31st day of January of the following year; and, thereafter, there shall be added thereto a penalty of 20% thereof, plus interest thereon at the rate of 6% per annum, until paid, plus the costs of collection, including, without limitation, court costs and attorney's fees.
(Ord. 1996-08-15, passed 8-26-96)