(A) Administration.
(1) The Kentucky Revenue Cabinet shall certify to the local jurisdiction the amount of deposits within the jurisdiction and amount of the tax due.
(2) The county shall issue bills to the financial institution by December 1 of each year.
(3) In the transition year of 1996, the tax bills shall be issued to financial institutions no later than May 1, 1997.
(B) Due date.
(1) The tax bill shall be due January 31 of the next year after it has been issued; thereafter, the bill shall be delinquent and subject to a penalty of ten percent (10%) and interest of twelve percent (12%) per annum.
(2) The financial institution shall be allowed a two percent (2%) discount if the tax bill is paid by December 31 of the same year as the tax bill is issued.
(3) The two percent (2%) discount shall be allowed on bills paid by May 31, 1997 for the transitional year. All other bills during this year shall be due June 1, 1997; thereafter, the bill shall be delinquent and subject to a penalty of ten percent (10%) and shall bear interest at the rate of twelve percent (12%) per annum.
(4) Kenton County 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.
(C) Records.
(1) It shall be the duty of the County Treasurer to collect and account for the franchise taxes imposed by this subchapter. The County Treasurer shall keep records of the amount received from each financial institution and the date of receipt.
(2) The Revenue Cabinet shall be notified of the tax rate imposed upon adoption of this subchapter and of any subsequent rate changes.
(Ord. 225.09, passed 9-10-96)