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(A) There is imposed on all “financial institutions,” as defined in KRS 136, located within the corporate limits of the City, a franchise tax at the rate of 0.025% on all deposits, as defined in KRS 136, maintained by financial institutions.
(B) The following timetable is established.
(1) The City will issue tax bills to financial institutions no later than December 1 of each year.
(2) 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.
(1995 Code, § 3.28.010) (Ord. O-96-26, passed 8-12-1996)
MUNICIPAL PREMIUM LICENSE FEE
For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
INSURANCE COMPANY. A commercial organization or business entity required to be licensed by the state, to solicit, sell and issue various kinds of policies of insurance coverage undertaking to pay or indemnify another (the insured) as to loss from certain specified contingencies or risks.
INSURANCE POLICY. A written document or agreement, whereby a contract of insurance is made, including all clauses, riders, endorsements and papers attached thereto.
(1995 Code, § 5.44.010) (Am. Ord. O-2012-007, passed 3-12-12
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