For failure to pay a license tax when due, the Director of Finance shall add a penalty of 5% of the license tax on the day after the delinquent date thereof and an additional penalty of 5% on the same date of each month thereafter. The amount of the penalty shall be added shall in no event exceed 60% of the amount of the license tax due.
(`61 Code, § 12.20) (Ord. 397, passed 12-27-1960; Am. Ord. 432, passed 3-3-1964)