(A) In order that the city may provide funding for services described and identified as to operate a fire department and provide fire protection and emergency medical services (including personnel) as well as to be able to purchase and maintain and repair vehicles and other equipment necessary to provide the fire protection and emergency medical services in the city; commencing in the fiscal year 2020-2021, and continuing during each fiscal year thereafter (hereinafter referred to as the Services), there is hereby levied a special ad valorem tax annually at the rate of $.175 on each $100 of assessed valuation of real estate, personal and mixed property within the city, which tax is deemed and found by the Council of the city to be sufficient to defray the cost of the Services. The tax for the fiscal year 2020-2021 shall be based upon the assessed evaluation of all taxable property within the city as of October 31, 2020, and all succeeding fiscal years the tax shall be based upon the assessed evaluation of all taxable property within the city as the January 1, immediately proceeding the fiscal year. The assessed value of all real and personal property subject to the ad valorem tax shall be assessed at the value as finally determined by the Property Valuation Administrator of Kenton County, Kentucky.
(B) The tax herein imposed shall be due on October 31, 2020. Anyone failing to pay the tax by October 31, 2020, shall be deemed delinquent and the bill shall have added thereto a penalty of 15% percent of the amount thereof, and shall bear interest at the rate of 8.5% per annum from November 1, 2020 until paid.
(C) The tax revenues generated by the special ad valorem tax shall be in addition to other taxes imposed by the city and shall be used solely for the Services. The special ad valorem tax shall be due at the same time and be collected in the same manner, from time to time in effect, as the other ad valorem taxes levied by the city and taxes not paid shall be subject to the same interest, penalty and cost of collection expenses, from time to time in effect, as are other ad valorem taxes levied by the city.
(D) There is hereby created a separate fund to be known as the Fire Protection and Emergency Medical Services Fund (hereinafter referred to as the Fund) and to which shall be transferred and set aside the proceeds of the special ad valorem tax. All proceeds of the funds shall be kept apart from the other funds of the city and shall be accounted for separately. The proceeds in the Fund shall be invested in accordance with applicable law and all income derived therefrom shall be carried to the credit of said Fund and shall become a part of the proceeds of said Fund. The proceeds constituting the Fund shall not be disbursed, expended, pledged, encumbered or transferred for any use or purpose other than provided by this section. Any proceeds remaining in the Fund at the end of any fiscal year shall remain in the Fund and shall be carried over to the succeeding fiscal year for use as provided by this section.
(E) To the extent permitted and in accordance with the Constitution of the Commonwealth of Kentucky and other applicable law and regulations, proceeds anticipated to be derived and the proceeds held in the Fund so derived, from the special ad valorem tax levied hereunder maybe pledged, encumbered, and/or expended to pay for the principal and interest on any indebtedness incurred, including bonds issued by the city to carry out and perform the Services.
(F) In any fiscal year in which the Council of the city determines that the full amount of the special ad valorem tax levied hereunder is not necessary to fund the services, the city may by ordinance in any fiscal year reduce the rate of the special ad valorem tax for such year below the amount set forth herein. In any fiscal year following the fiscal year for which the special ad valorem tax may have been reduced by the ordinance, the special ad valorem tax rate shall revert to the maximum amount as set forth in this section unless reduced for such subsequent year by ordinance.
(Ord. 2002-16, passed 11-14-2002; Am .Ord. 2011-17, passed 9-8-2011; Am. Ord. 2012-17, passed 9-13-2012; Am. Ord. 2019-13, passed 9-19-2019; Am. Ord. 2020-7, passed 9-24-20)