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ORDINANCE NO. 76-9-1318
AN ORDINANCE AMENDING SECTION 17-8,9 "INS-URANCE COMPANIES"
OF THE CODE OF ORDINANCES OF THE CITY OF PADUCAH , KENTUCKY
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
-SECTION 1~. That Section 17=89 "Insurance companies" of the Code of
Ordinances of the City of Paducah, Kentucky; be amended and reordained so that said
section as amended and reordained shall hereafter read as follows: `
"Sec . 17-89 . Insurance companies .
(a) Time of payment of license tax when amount based on premiums .
All insurance companies doirr.g business in the city, who pay a license tax
based upon the annual p"remiums written?by such companies; ~~sYiall be' allotnred to pay the
tax imposed by the first day of May of each tax year without penalty.
(b) Life and accident companies , license tax .
Each life insurance company and each accident insurance company doing
business in the city shall be rated and p-ay a license tax based upon a percentage of the
premiums received by the insurance company for insurance- on persons residing within
the corporate limits of the city during the preceding year's business in the city as follows:
If the premiums on such new business amount to less than $166.67 the license tax shall be
five dollars ($5.00); if the premiums on said new business are more than $166.67, three
per cent (3%) on such premiums shall be paid.
(c) Companies other than life and accident, -license tax.
Each company engaged :in insurance business: other than life and accident
in the city shall pay a license tax of three per cent (3%) on the premiums received by the
insurance company for insurance on persons residing or property located within the
corporate limits of the city, but shall not be less than five dollars ($5.00) per year.
(d) Sworn statement.
No license mentioned in this section shall be issued until the company applying
for 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 during the preceding year ending December 31. The sworn
statement shall be made at the home or principal office in the state or county of the company
applying for the license .
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(e) Minimum tax.
The city shall collect an annual license tax of five dollars ($5.00) from any
company whose tax on the percentage of premiums basis is Tess than five dollars ($5.00) ,
and said amount shall be the amount required for an original application for a license to
do business under this section in the city .
(f) Exemption of war risk premiums.
Any premiums received by any of the insurance-companies mentioned in this
section by reason of the issuance of policies known as war risk insurance at the direction
of or for the benefit of the federal government shall not be 'included in the premiums subject
to tax herein .
(g) Surety bond companies, license tax.
Each fidelity, trust, surety; guaranty or other company or corporation
engaged in furriisliing 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 . "
• SECTION 2. This ordinance amends Section 17-89 of Ordinance No. 76-1-1228
adopted by the Board of Commissioners on January 27, T976.
SECTION 3. This ordinance shall be in full force and effect from and after
the date of its adoption .
Mayor
Passed by the Board of Commissioners September 14, 1976
Recorded by Sarah Thurman, City Clerk, September 14, 1976.
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