A. Tax Imposed: A tax is hereby imposed upon each vehicle, as defined in the Illinois Vehicle Code, 625 Illinois Compiled Statutes 5/1-146, purchased in the Village by or on behalf of an insurance company to replace a vehicle of an insured person in settlement of a total loss claim. The tax shall be in the amount of fifty dollars ($50.00) per vehicle purchased.
B. Certificate Required: Every such insurance company that purchases a replacement vehicle as defined herein shall complete and file with the Illinois Department of Revenue a replacement vehicle certificate (Form RVT-7).
C. Payment Of Tax: At the time such report is filed, there shall be paid to the State Department of Revenue the amount of tax hereby imposed. (Ord. 84-04)