(A) It 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 0.025% on all deposits, as defined in KRS Chapter 136, maintained by such financial institutions.
(B) For transition purposes, the 1996 tax year will be treated differently in terms of collection of taxes than for all subsequent years. For the 1996 tax year, the following tax table is hereby established: The City of Paintsville will issue tax bills to financial institutions no later than May 1, 1997. Payment of the tax shall be due with a 2% discount by May 31, 1997, or without the discount by June 30, 1997.
(C) For all tax years subsequent to the 1996 tax year, the following time table is hereby established: The City of Paintsville will issue tax bills to financial institutions no later than December 1 of each year. The 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.
(D) The city shall have a lien for taxes upon any and all properties subject to the tax imposed by these sections, which lien shall be superior to all encumbrances prior or subsequent.
(E) All taxes due in accordance with these sections which are not paid before June 30, 1997, for the tax year 1996, or 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.
(F) All monies collected pursuant to these sections 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.
(Ord. 96-008, passed 9-17-96)