(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 0.025% on all deposits, as defined in KRS Ch. 136, maintained by those financial institutions.
(B) For transition purposes, the 1996 tax year will be treated 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 5-1-1997. Payment of the tax shall be due with a 2% discount by 5-31-1997, or without the discount by 6-30-1997.
(C) For all tax years subsequent to the 1996 tax year, the following timetable is hereby established: 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 each year.
(D) The city shall have a lien for taxes upon any and all property subject to the tax imposed by this section, which lien shall be superior to all encumbrances prior or subsequent.
(E) All taxes due in accordance with this section which are not paid before 6-30-1997 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 10% and shall bear interest at the rate of 12% per annum.
(F) All moneys collected pursuant to this section shall be paid into the City General Fund to be used for the payment of proper expenditures as determined by the City Council.
(G) The City Clerk is hereby directed to send a copy of this section to the Commissioner of the State Department of Revenue.
(H) This section shall become effective and be in force from and after its passage and publication according to law.
(Ord. 96-07, passed 10-2-1996)