(A) (1) On each $100 of property of public service corporation, as assessed and certified by the State Department of Revenue to the city for purpose of taxation for each year as provided by KRS 136.120.
(2) On each $100 of all real property, tangible personal property, and other property within the corporate limits of the city subject to taxation for each year as assessed or hereafter assessed therefor by the City Tax Assessor, Board of Tax Supervisions, PVA, and other proper assessing authorities, including all omitted property hereafter assessed for said year, according to law there are hereby levied and ordered collected ad valorem taxes for the purposes as follows:
(a) For the purposes of defraying the general municipal expense of the city; and
(b) For the purpose of establishing a revolving and contributing fund as provided by KRS 61.420, 61.460, and 61.470 for payment to the State Agency of Old Age and Survivors Insurance for all city employees under the Social Security Act.
(B) A penalty of 10% of the amount of each tax bill for taxes levied and payable hereafter which remains unpaid on January 31; a penalty increased to 16% of the amount of each tax bill for taxes levied and payable hereafter which remains unpaid by February 28; and in addition thereto of any tax unpaid on March 1, 6% interest from said date until paid, are hereby imposed and ordered collected, said to be paid into the city’s General Fund when collected.
(1995 Code, § 38.02) (Ord. passed 10-12-1987)