(A) In the event that the city imposes a franchise fee, every franchisee shall provide to the city an irrevocable letter of credit in the amount of $25,000, or one-half of the annual franchise fee owed, whichever is less, to secure the payment of the franchise fee for the first two years in which the franchisee is subject to a franchise fee. If, thereafter, there has been no default in paying the franchise fee nor any late payment of the franchise fee, the letter of credit shall be released.
(B) This section is inoperative during any period of time during which the city elects to participate in the state baseline and local growth funds under KRS 136.600 et seq. and to have franchisees taxed accordingly.
(Ord. 2 S2018/2019, passed 10-8-2018)