(A) There is hereby 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 two cents for each one hundred dollars in deposits or 0.020% of all deposits as defined in 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.
(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 January 31, shall be deemed delinquent and shall be subject to a penalty of 12% and shall bear interest at the rate of 12% per annum.
(Ord. 007-96, passed 10-7-96)