(A) There is hereby imposed on all “financial institutions”, as defined in KRS Chapter 136, located within the corporate limits of the City of Middletown, Kentucky for the 2011 tax year and all subsequent years, a franchise tax at the rate of 0.000250 on all deposits, as defined in KRS Chapter 136, maintained by such financial institutions.
(B) For all tax years subsequent to the 2011 tax year, the following timetable is hereby established: the City of Middletown 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 of Middletown, Kentucky 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 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.
(E) All money collected pursuant to these sections shall be paid directly into the General Fund of the city to be used for the payment of proper expenditures as determined by the City Commission.
(Ord. 11-06, §§ 1-5, passed 7-14-2011)