(A) A tax is hereby imposed upon each vehicle, as defined in ILCS Ch. 625, Act 5, § 1-146 of The Illinois Vehicle Code, purchased in this city by or on behalf of an insurance company to replace a vehicle of an insured person in settlement of a total loss claim. The tax shall be in the amount of $50 per vehicle purchased.
(B) Every such insurance company that purchases a replacement vehicle as defined herein shall complete and file with the Illinois Department of Revenue a replacement vehicle certificate (Form RVT-7).
(C) At the time such report is filed, there shall be paid to the State Department of Revenue the amount of tax hereby imposed.
(Ord. 1058, passed 3-26-1984)