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(A) There is imposed on all “financial institutions,” as defined in KRS Chapter 136, located within the corporate limits of the city, for the 2019 tax year and all subsequent years, a franchise tax at the rate of 0.025% on all deposits as defined by KRS Chapter 136, maintained by such financial institutions.
(B) 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 discount by January 31 of each year. All taxes imposed by this section which are not paid before January 31 shall be deemed delinquent and shall be subject to a penalty of 6% and shall bear interest at the rate of 6% per annum.
(Ord. 2019-13, passed 9-26-19)