(A) There is hereby imposed on all financial institutions as defined in KRS Chapter 136, located within the corporate limits of the city, a franchise tax at the rate of 0.025% or 0.00025 on all deposits, as defined in KRS Chapter 136, maintained by such financial institutions.
(B) For the 2001 tax year and all subsequent years, the following timetable is hereby established:
(1) The city will issue tax bills to financial institutions no later then December 1 of each year. Payment of the tax shall be due with a 2% discount on December 31 of each year, or without the discount by January 31 of each year.
(2) The city shall have a lien for taxes upon any and all property subject to the tax imposed by these sections, which lien shall be superior to all encumbrances prior or subsequent.
(3) All taxes due in accordance with these sections which are not paid before January 31, for all subsequent tax years shall be deemed delinquent and shall be subject to a penalty of 10% and shall bear interest at the rate of 6% per annum.
(4) All moneys collected pursuant to this section shall be paid into the General Fund to be used for the payment of proper expenditures as determined by the City Commission.
(5) The City Clerk is hereby directed to send a copy of this section to the Commissioner of the Kentucky Department of Revenue, Frankfort, Kentucky.
(Ord. 2002-2, passed 10-1-01)