CHAPTER 118: FINANCIAL INSTITUTIONS FRANCHISE AND LOCAL DEPOSIT TAX
Section
   118.01   Imposition of tax
   118.02   Tax rate
   118.03   Lien
   118.04   Use of tax
 
   118.99   Penalty
§ 118.01 IMPOSITION OF TAX.
   There is hereby imposed on all “financial institutions,” as defined in KRS 136.500(10) located within the corporate limits of the city, for the 1996 tax year and all subsequent years, a franchise tax at the rate of 0.025% on all deposits, as defined in KRS 136.575(2), maintained by such financial institutions.
(1992 Code, § 118.01) (Ord. 7-96, passed 7-16-1996)
§ 118.02 TAX RATE.
   The city will issue tax bills to financial institutions no later than December 1 of each year. Payment of the tax shall be due with a 2% discount by December 31 of each year, or without the discount by January 31 of each year.
(1992 Code, § 118.02) (Ord. 7-96, passed 7-16-1996)
§ 118.03 LIEN.
   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.
(1992 Code, § 118.03) (Ord. 7-96, passed 7-16-1996)
§ 118.04 USE OF TAX.
   All monies collected pursuant to these sections shall be paid in to the General Fund of the city to be used for the payment of proper expenditures as determined by the City Council.
(1992 Code, § 118.04) (Ord. 7-96, passed 7-16-1996)
§ 118.99 PENALTY.
   All taxes due in accordance with these sections which are not paid before January 31 shall be deemed delinquent and shall be subject to a penalty of 10% and shall bear interest at the rate of 12% per annum.
(1992 Code, § 118.99) (Ord. 7-96, passed 7-16-1996)