(A) Pursuant to KRS 78.530(3)(c), an annual tax in an amount established by City Council annually and based on each $100 of value as of January 1 of each year, is hereby levied upon all real and personal estate or property located within the corporate limits of the city; and on all personal estate or property (except for motor vehicles and watercraft) except such tangible personal property as has an actual bona fide situs without the corporate limits of the city on the first day of January of each year; and upon all franchises taxable by the city. All of these taxes hereby levied are to be assessed in the manner provided by law.
(B) This annual tax is levied for the purpose of payment of the city's obligation for current service costs for police and firemen in the county employees retirement system incurred after the date of participation by the city in the system. Funds, when collected, shall be used only for the purpose stated above.
(C) The tax levied in this section is a continuation of the tax which had been devoted to funding pension obligations under the locally administered Police and Fireman's Pension Fund of the city prior to participation in the system.
(Ord. O-26-89, passed 10-4-89; Am. Ord. O-25-90, passed 10-9-90; Am. Ord. O-36-91, passed 10-8-91; Am. Ord. O-28-92, passed 10-13-92; Am. Ord. O-28-93, passed 10-26-93; Am. Ord. O-27- 94, passed 10-25-94; Am. Ord. O-18-96, passed 10-1-96; Am. Ord. 0-20-98, passed 10-13-98; Am. Ord. O-15-01, passed 10-9-01; Am. Ord. O-22-02, passed 9-24-02; Am. Ord. O-21-03, passed 9-23-03; Am. Ord. O-26-04, passed 9-14-04; Am. Ord. O-21-05, passed 9-27-05; Am. Ord. O-24-06, passed 9-26-06; Am. Ord. O-20-07, passed 9-25-07; Am. Ord. O-16-12, passed 9-18-12; Am. Ord. O-11-13, passed 9-17-13; Am. Ord. O-15-15, passed 9-15-15; Am. Ord. O-14-17, passed 9-12-17; Am. Ord. O-10-18, passed 9-4-18; Am. Ord. O-16-19, passed 9-3-19; Am. Ord. O-12-20, passed 9-15-20; Am. Ord. O-18-22, passed 9-13-22)