(A) There is hereby imposed on all “financial institutions,” as defined in KRS Chapter 136, located within the corporate limits of the City of Warsaw, Kentucky for the 1997 tax year and all subsequent years, a franchise tax at the rate of 0.025% on all deposits, as defined in KRS Chapter 136, maintained by such financial institutions.
(B) For transition purposes, the 1997 tax year will be treated differently in terms of collection of taxes that for all subsequent years. For the 1997 tax year, the following timetable is hereby established:
The City of Warsaw will issue tax bills to financial institutions no later that May 1, 1998. Payment of the tax shall be due with a 2% discount by May 31, 1998 or without the discount by June 30, 1998.
(C) For all tax years subsequent to the 1997 tax year, the following timetable is hereby established.
The City of Warsaw will issue tax bills to financial institutions no later that 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 of Warsaw, Kentucky shall have a lien for taxes upon any and all property subject to the tax imposed by these sections, which lien shall be superior to all encumbrances prior or subsequent.
(E) All taxes due in accordance with these sections which are not paid before June 30, 1998 for tax year 1997, 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% shall bear interest at the rate of 1% per annum.
(F) All monies collected pursuant to these sections shall be paid into the General Fund of proper expenditures as determined by the City Council.
(Ord. 1996-009, passed - -96; Am. Ord. 1997-011, passed 5-12-97)