(A) There is hereby imposed on all “financial institutions”, as defined in KRS Ch. 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 0.017% on all deposits, as defined in KRS 136.575(1), maintained in such financial institutions.
(B) The city will issue tax bills to financial institutions no later than December 1 of each year. 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 the subsequent year.
(C) All taxes due in accordance with these sections which are not paid before 6-30-1997, for 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 6% per annum.
(D) The city shall have a lien for taxes not paid prior to 6-30-1997, for the tax year 1996 and 1-31-1998, for all tax years 1997 and, thereafter, upon any and all property of the financial institution which lien shall be superior to all encumbrances subsequent to said dates herein.
(E) Said tax is levied for the purpose of raising revenue to pay salaries of officers and employees; for the repair and maintenance of street, public ways and public buildings in said city; to pay for lighting city streets; and to pay all proper charges and legal demands against the city.
(Ord. 996-390, passed 12-9-1996)