(A) The City Council of the city does hereby levy a special property tax pursuant to KRS 78.530 (3)(c) to pay, within a period of no more than fifteen (15) years, for the cost of current service credit purchased in the County Employees’ Retirement System for eligible employees of the city. The tax shall be in addition to the existing employer contribution rate as determined by the consulting actuary authorized in KRS Chapter 78.530 (3)(c) for the period between July 1, 1958 and the participation date by the city in the County Employees’ Retirement System. Revenue realized from levy of the tax shall be employed to pay for current service credit over a period of time not to exceed fifteen (15) years and for no other purpose. The special tax levied by this section shall be rescinded when the unfunded prior service liability has been amortized and it shall not be subject to the provisions of KRS 132.017 or KRS 132.027. The city shall not collect the special property tax if its participation in CERS has been terminated pursuant to KRS 78.535.
(B) The special tax provided for in this section shall be levied against real estate only. The tax rate for the special tax is hereby fixed at the rate of ten cents ($.10) per one hundred dollars ($100.00) of real property value as assessed for taxation purposes.
(C) The City Tax Collector shall issue bills for the special tax to be incorporated in the ad valorem tax bills levied each fiscal year by the city for general operating purposes. The taxes shall be due and payable as follows:
(1) If paid when received in the year assessed, face amount of bill;
(2) From and after October 1 in year assessed and thereafter, face amount of bill plus ten percent (10%) penalty, plus interest at the rate of one percent (1%) per month.
(D) Proceeds of this tax shall be paid into the general fund account of the city. Proceeds of this tax shall not be co-mingled with other revenues and receipts of the city and shall be retained in a separate account to be used as set out in subsection (A) above.
(Ord. 5-1989, passed 4-3-89)