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HomeMy WebLinkAbout80-11-2028ORDINANCE NO. 80-11-2028 AN ORDINANCE AMENDING SECTION 17-89, LICENSES, OF THE CODE .OF. ORDINANCE$. OF.THE CITY OF PADUCAH, KENTUCKY, AND IMPOSING A LICENSE FEE UPON INSURANCE COMPANIES FOR -THE PRIVILEGE OF ENGAGING IN. BUSINESS OF INSURANCE WITHIN THE CITY OF PADUCAH,. KENTUCKY BE IT ORDAINED BY THE CITY OF PADUCAH.: SECTION. 1.,.. Section 17-89j, -insurance Companies,. (b) j - t4fe--am-acc !dent -7-7 -- compmies-j- license tax, is hereby amended to read as follows: (b) Each -life insurance company (and-eaeh-aceMent-k-aurance-CO-rAPaftY}7--,--- doing business in the City of.Paducah shall pay, a license tax based upon premiums received from new po.11cies Written Within* the preceding, calendar year upon the fives of persons residing within the corporate limits of the City of Paducah; -itx-i-ated7 ----- and-pay-&-14cense-tax-ba-sed-ttpo,n-&-pereentage-of-A4-i,--Vrem+ums-i-eceived--b-y-the--- instirant-L—company-4;qt--H"urance-on-pers-crts-i-esid4ng--wit+rin-the-eerp*rate-HmRs--- of--the--C-Ry-du-ri-ng-the-lm-eceding-yearLs--bttshie!t!t-i-.m-14-vL--C-ity-a-s--foffows:+ in - the_ amount of six Percent (60). but in r no event shall said license tax be ..less than $5.'00 per *year. -(4f -the--prem4ums--on­ sLich7bus4nes-s-eniount---ta-4ess-than-a n.t--- httndred-!tix"x-tM+ar,.t-arnd-s+xty—"ven-,eervts-{$466-.67}-the-Hcerts-L--tax-s+VAf-be --- fFve -dofia rs -i s5-;eef if- -th%-- pt-emhtms- art- s&id- btnines­s­-_stk—_ -more-then --ane-7httnch-ed-- prefftiums-sha+F-be­-p&Im&;--y- (c) doing business in the.,City:,of Paducah shall pay a'license 'tax 'based 'upon 'af 06ederitage of premiums received by .the . company Within- the' preceding dal6hdziry6ae, for insurance On *property located within the corporate' Ifi-fiI'ts'bf 'the 'City.','df Paducah; ' fess aIj'prqm1ums returned to in an amount 'of 'six percent '(60z), but,,* in no' event shall the license' tax A fled 'insUec!nc6'co00ahy entering the 'City 6f'Paducah 'durifig',.a'.license 'year, shall '6t'the '6rid'thdedbf,-.prdmotly .pay 'to . the City'6f'Pidu'cah TeeA§Ue6e'the'fuI'I 6dd1ti6'6a'I't6k'dU6 on 'such percentage basis. (d) Ea'6h'insurance company, other than those 'specified in (b) and (6)',' doing 'business ' in -the 'City' of ' Paducah; shall pay :jrjse' tax based' upon al _percentage 'of the' premiums received- by 'the company within the preceding calendar year for insurance 'on risks 'located Withifi'thd cbeljork6 'limits 'of the City' of Paducah 'on those '616s'se's 6f'business * which 'Such 'compa'ny­is 8uthorized to tr'6nsa6t, 'less 611 prem'Whis returned 'td policyholders, 'at*a rate of' six percent (60)' 'but, in' 'no eV6fit shall' said 'I'ic6hsie' tax' be 'less 'than $5'.00 per' year, ' 'provided 867 868 however, that the license tax shall not include premiums for insuring employers against liability for personal injuries to their employees, or death caused thereby, under -the provisions of the Workmen's Compensation Act of Kentucky. (e) All insurance companies paying a license tax under "this section may collect a reasonable fee to be retained by the insurance company, or its agent, as compensation for collecting such license tax provided, however, that the collection fee shall not be more than ' thirty percent (30%) of ` the 'fee collected and remitted' to -'the City'of Paducah, or two ' percent' `(2%) of the premiu-ms subject to tax, whichever is less. This collection fee shall be in addition to the license tax provided for in this 76rdinance. To facilitate computation, collection and remittance of the fees and collection fee provided herein, the ' fees set out in sections (b) and (c) hereof, together with the collection fees herein; may be rounded off to the nearest dollar amounts. - (f) SURETY BOND COMPANIES, LICENSE TAX. ^ Each fidelity, trust, surety, _ guaranty or other company or corporation ` engaged in furnishing bonds or surety of any kind, which 'bonding companies are not otherwise provided for in this chapter, shall pay a license tax of sixty dollars ($60.00) for each agent having an office or -doing business in the City. (g) 'SWORN STATEMENT. 'No license mentioned in this section shall be issued until the company applying for the same has filed with the license inspector a sworn statement of the amount of premiums received by the insurance company on persons residing or property located within the corporate limits of the City of Paducah during the preceding year ending December thirty-first. The sworn statement shall be made at the home or principal office in the state or county of the company applying for the license. SECTION 2. -That former sub -sections --{c) , (e) , (f) , and (g) be, and they are hereby, repealed in their entirety. SECTION 3. This ordinance shall be read on two ."separate days, published in full, and will be in full force and effect as of -January-1; 1981:- .. Mayor Introduced by the Board of Commissioners November 11, „1980 Passed by the Board of Commissioners November 25, .1980 Recorded by Louise McKinney, .City Clerk, ,November 25, 1980 Published in The Paducah Sun December 2,. 1980.