(A) Establishment of bank deposit tax.
(1) For the 2022 tax year and all years subsequent, there is hereby imposed on all "financial institutions" (as those institutions are defined in KRS Ch. 136), which are located within the corporate limits of the city, a franchise tax at the rate of 0.025% of the deposits (as that term is defined in KRS 136.575), maintained by such financial institutions.
(2) Pursuant to KRS 92.330, the purpose of this tax is to partially fund the cost of government operations, including, but not limited to police protection, sanitation, public works, maintenance, and capital improvement of the public infrastructure. All money collected pursuant to this tax shall be paid directly into the General Fund of the city to be used to assist in funding the cost of general government operations.
(B) Payment.
(1) For all tax years subsequent to the 2022 tax year, the following timetable is hereby established: 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 the discount by January 31 of each year.
(2) All taxes due in accordance with these sections which are not paid before January 31, for all subsequent tax years shall be deemed delinquent and shall be subject to a penalty of 10% and shall bear interest at the rate of 12% per annum.
(3) The city shall have such authority for collection (including lien authority), as is given to home rule cities for collection of taxes under Kentucky Revised Statutes.
(4) The City Clerk is hereby directed to send a copy of Ord. 3-28-22, Series 2022 to the Commissioner of the Kentucky Department of Revenue, Frankfort, Kentucky.
(Ord. 3-28-22, Series 2022, passed 4-25-22)