§ 17-2. Excise tax on property insurance premiums levied.

(1)

There is hereby assessed and imposed on every insurance company, corporation or other insurer in the city, engaged in or carrying on the business of insuring property against loss or damage by fire or tornado, an excise or license tax amounting to one and eighty-five hundredths (1.85) percent of the gross amount of receipts of premiums from policy holders on all premiums collected on fire and tornado insurance policies covering property within the city.

(2)

The excise tax provided for in this section shall be payable and collected in the manner provided for by state law providing for the creation and administration of a firefighter's pension fund.

(3)

The tax assessed and imposed under this section shall be in addition to all other taxes now levied by the city, and is a tax collected by the state, which will hereafter be credited to the city under state law.

(Ord. No. 2002-119, § 2, 11-19-02)