(A) There is hereby levied an ad valorem tax of 0.1970 per $100 of the assessed valuation of motor vehicles and boats having situs in the city, as of January 1, 2014 and for each year thereafter as listed in the Tax Assessment Ledger compiled by the Property Valuation Administrator of the county.
(B) All monies collected from the tax levied in this section shall be paid into the General Fund of the city to be used for the payment of proper expenditures as determined by the City Commission.
(C) In accordance with KRS 132.487 and 134.800 to 134.820 and such other applicable statutes, the aforesaid tax shall be assessed under a centralized tax system and collected by the Clerk of the county. It is further provided that for the collection of this tax on behalf of the city, the Clerk of the county shall be paid 4% of monies collected on vehicle taxes. Payment to the city by the Clerk shall be governed by KRS 134.815 and other applicable statutes.
(Ord. 220.11-09-97, passed 9-22-1997; Ord. 220.11-09-2014, passed 9-22-2014)