(A) There is hereby imposed on all financial institutions located within the corporate limits of the city for the 2014 tax year and all subsequent years, a franchise tax at the rate of 0.025% on all deposits maintained by such financial institutions, as authorized by KRS Chapter 136.
(B) Said taxes shall be due and payable by financial institutions at the same time and in the same manner as all other property taxes, as allowed by the state.
(C) The city shall have a lien for taxes upon any and all property subject to the tax imposed by this section, which lien shall be superior to all encumbrances prior and subsequent.
(D) All taxes due in accordance with this section which are not paid by the due date established by the City Commission shall be deemed delinquent and shall be subject to the guidelines of the state and the same penalty and interest charges as other unpaid city property taxes under the applicable provisions of Ord. 220.3.
(E) All funds collected pursuant to this section shall be paid into the General Fund of the city and shall be used for the payment of proper expenditures as determined by the City Commission through the annual budget process.
(Ord. 220.13-9-97, passed 9-22-1997; Ord. 220.13-09-2014, passed 9-22-2014)