(A) There is hereby imposed on all “financial institutions”, as defined in KRS Ch. 136, located within the corporate limits of the city, for 1996 tax year and all subsequent years, a franchise tax at the rate of 0.024% on all deposits, as defined in KRS Ch. 136, maintained by such financial institutions.
(B) The city will issue tax bills to financial institutions no later than November 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 the next year.
(C) The city shall have a lien for taxes on the property assessed for taxes to the extent allowed under KRS 134.420.
(D) All taxes due in accordance with these sections which are not paid before January 31 for each tax year shall be deemed delinquent and shall be subject to a penalty of 10% and shall bear interest at the rate of 12% per annum.
(E) All moneys collected pursuant to these sections shall be paid into the General Fund of the city to be used for payment of proper expenditures as determined by the City Council.
(Ord. 2015-08, passed 6-11-2015)