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ORDINANCE # 97-2- 5-6 4Cd
AN ORDINANCE IMPOSING A BANK FRANCHISE AND LOCAL
DEPOSIT TAX; SETTING FORTH TIME TABLES FOR THE
COLLECTION OF SUCH TAX FOR THE YEAR 1996 AND ALL
SUBSEQUENT YEARS; AND SETTING FORTH ENFORCEMENT
} PROCEDURES, INCLUDING PENALTIES, FOR THE COLLECTION OF
DELINQUENT TAXES.
WHEREAS, the Kentucky General Assembly has pursuant to statute empowered
municipalities to enact a bank franchise tax on the deposits of banks; and
WHEREAS, the City of Paducah desires to enact an ordinance implementing a
bank franchise tax on the deposits of banks within its boundaries for all tax years
beginning with the year 1996; and
WHEREAS, the City of Paducah desires to enact this ordinance to supplant and
replace its former bank shares tax.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH,
KENTUCKY:
SECTION 1: There is hereby imposed on all "financial institutions", as defined in
KRS Chapter 136, located within the corporate limits of the City of Paducah, 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 Chapter 136, maintained by such financial institutions. This
ordinance is enacted in the City of Paducah's fiscal year 1996-1997 and shall be
G retroactive to apply to and include the entire year of 1996.
SECTION 2: 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 time table is hereby established:
The City of Paducah will issue tax bills to financial institutions no
later than May 1, 1997. Payment of the tax shall be due with a two percent (2%)
discount by May 31, 1997, or without the discount by June 30, 1997.
SECTION 3: For all tax years subsequent to the 1996 tax year, the following
time table is hereby established:
The City of Paducah will issue tax bills to financial institutions no
later than December 1, of each year. Payment of the tax shall be due with a two percent
(2%) discount by December 31, of each year, or without the discount by January 31, of
each year.
SECTION 4: The City of Paducah, Kentucky, shall have a lien for taxes upon
any and all property subject to the tax imposed by the sections, which lien shall be
superior to all encumbrances prior or subsequent.
SECTION 5: All taxes due in accordance with this ordinance which are not paid
T before June 30, 1997, for the tax year 1996, or which are not paid before January 31, for
all subsequent tax years, shall be deemed delinquent and shall be subject to a penalty of
ten percent (10%) and shall bear interest at the rate of twelve percent (12%) per annum.
SECTION 6: All monies collected pursuant to these sections shall be paid into
the General Fund of the City to be used for the payment of proper expenditures as
determined by the City Commission.
SECTION 7: The City Clerk is hereby directed to send a copy of this ordinance
to the Commissioner of the Kentucky Department of Revenue, Frankfort, Kentucky.
SECTION 8: This ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to KRS Chapter 424.
Mayo ro+cw-,
ATTEST:
C1 rk
Introduced by the Board of Commissioners on February 11, 1997
Adopted by the Board of Commissioners on 1997
Recorded by Lenita Smith, City Clerk, on / 9 9� 7
Published by the Paducah Sun on 199%
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