(A) There is imposed on all financial institutions, as defined in KRS Chapter 136, located within the corporate limits of the city, for the 1996 tax year and all subsequent years, a franchise tax at the rate of 0.0145% on all deposits, as defined in KRS 136.500(10), maintained by such financial institutions.
(B) For all tax years subsequent to the 1996 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.
(C) The city 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.
(D) All taxes due in accordance with these sections which are not paid before June 30, 1997, for tax year 1996, or which are not paid before January 31 for all subsequent years tax years, shall be deemed delinquent, and shall be subject to a penalty of 2% and shall bear interest at the rate of 16% per annum.
(E) All monies collected pursuant to this section shall be paid into the General Fund of the city to be used for the payment of proper expenditures as determined by the City Council.
(F) The City Clerk/Treasurer is directed to send a copy of this section to the Commissioner of the State Department of Revenue.
(Ord. 5-1996, passed - -1996)
Statutory reference:
Definitions for KRS 136.500 through 136.575, see KRS 136.500(10)