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.
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.
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.
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.