CHAPTER 66:  FINANCIAL INSTITUTION FRANCHISE AND LOCAL DEPOSIT TAX
Section
   66.001   Imposition of tax
   66.002   Tax due
   66.003   Lien imposed
   66.004   Use of tax
 
   66.999   Penalty
§ 66.001  IMPOSITION OF TAX
   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 0.0093% on all deposits, as defined in KRS Chapter 136, maintained by such financial institutions.
(Ord. 22, passed 9-10-96)
§ 66.002  TAX DUE
   (A)   For transition purposes, the 1996 tax year will be treating differently in terms of collection of taxes than for all subsequent years.  For the 1996 tax year, the following timetable is hereby established:
      The city will issue tax bills to financial institutions no later than May 1, 1997.
   (B)   For all subsequent tax years, the following timetable is hereby established:   The city will issue tax bills to financial institutions no later than December 1 of each year.
(Ord. 22, passed 9-10-96)
______________
Cross reference:
   Penalty for violation, see § 66.999
§ 66.003  LIEN IMPOSED
   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.
(Ord. 22, passed 9-10-96)
§ 66.004  USE OF TAX
   All moneys 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 Board of Commissioners.
(Ord. 22, passed 9-10-96)
§ 66.999  PENALTY
   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 ten percent (10%) and shall bear interest at the rate of twelve percent (12%) per annum.
(Ord. 22, passed 9-10-96)