TITLE 5

MUNICIPAL FINANCE AND TAXATION

CHAPTER
1. MISCELLANEOUS.
2. REAL AND PERSONAL PROPERTY TAXES.
3. PRIVILEGE TAXES.
4. WHOLESALE BEER TAX.
5. LOCAL SALES TAX.
6. FINANCE OFFICER.

CHAPTER 1

MISCELLANEOUS

SECTION
5-101. Official depository for town funds.
5-102. Execution of checks.

5-101. Official depository for town funds. The First American Bank of Oliver Springs, Tennessee, is hereby designated as the official depository for all town funds. (1989 Code, ? 6-101)

5-102. Execution of checks. The mayor, town administrator, city treasurer, or water department clerk are authorized to sign all checks or warrants drawn against the town by the city treasurer; provided however, all checks and warrants so drawn against the town shall be signed by any two of the aforementioned officials. (Ord. #91-18-07B, _____)
CHAPTER 2

REAL AND PERSONAL PROPERTY TAXES

SECTION
5-201. When due and payable.
5-202. When delinquent--penalty and interest.
5-203. Discounts.

5-201. When due and payable. Taxes levied by the town against real and personal property shall become due and payable annually on the first Monday of October of the year for which levied. (1989 Code, ? 6-301)

5-202. When delinquent--penalty and interest. All real property taxes shall become delinquent on and after the first day of March next after they become due and payable and shall thereupon be subject to such penalty and interest as is authorized and prescribed by the state law for delinquent county real property taxes. (1989 Code, ? 6-302)
5-203. Discounts. In order to encourage prompt payment of taxes during the month of October, a 2% discount is allowed for the payment of taxes during the month of October, and no discount is allowed for the months of November, December, January, and February. (Ord. #92-09-17A, Sept. 1992)
CHAPTER 3

PRIVILEGE TAXES

SECTION
5-301. Tax levied.
5-302. License required.

5-301. Tax levied. Except as otherwise specifically provided in this code, there is hereby levied on all vocations, occupations, and businesses declared by the general laws of the state to be privileges taxable by municipalities, an annual privilege tax in the maximum amount allowed by state laws. The taxes provided for in the state's "Business Tax Act" (Tennessee Code Annotated, ? 67-4-701, et seq.) are hereby expressly enacted, ordained, and levied on the businesses, business activities, vocations, and occupations carried on within the town at the rates and in the manner prescribed by the act. (1989 Code, ? 6-401)

5-302. License required. No person shall exercise any such privilege within the town without a currently effective privilege license, which shall be issued by the recorder to each applicant therefor upon the applicant's payment of the appropriate privilege tax. (1989 Code, ? 6-402)
CHAPTER 4

WHOLESALE BEER TAX

SECTION
5-401. To be collected.

5-401. To be collected. The city recorder is hereby directed to take appropriate action to assure payment to the town of the wholesale beer tax levied by the "Wholesale Beer Tax Act," as set out in Tennessee Code Annotated, title 57, chapter 6. (1989 Code, ? 6-501)
CHAPTER 5

LOCAL SALES TAX

SECTION
5-501. Tax levied.
5-502. Effect of approval.
5-503. Department of revenue to collect.
5-504. Suits for illegally assessed or collected taxes.
5-505. Copies and publication.

5-501. Tax levied. As authorized by Tennessee Code Annotated, title 67, ch. 6, part 7, as amended, there is levied a tax in the same manner and on the same privileges subject to the Retailers' Sales Tax Act under Tennessee Code Annotated, title 67, ch. 6, parts 1--6, which are exercised in Oliver Springs. The tax is levied on all such privileges at a rate of two-ninths of the rates levied in the Retailers' Sales Tax Act, Tennessee Code Annotated, title 67, ch. 6, parts 1--6, so long as the general state rate continues at 4.5 percent, and at one-third of the state rates if and when the general state rate is reduced to 3 percent. Provided that with respect to industrial and farm machinery as defined in Tennessee Code Annotated, ? 67-6-102 and with respect to water sold to or used by manufacturers, the tax thereon is imposed at the rate of 1/3 of 1%. Provided further the tax shall not exceed $5.00 on the sale or use of any single article of personal property, and there is excepted from the tax levied by the provisions of this chapter the sale, purchase, use, consumption, or distribution of electric power or energy, or natural or artificial gas, or coal and fuel oil, so long as such exception is required by state law. Penalties and interest for delinquencies shall be the same as provided in Tennessee Code Annotated, title 67, ch. 6, part 5. (1989 Code, ? 6-201)

5-502. Effect of approval. If a majority of those voting in the election required by Tennessee Code Annotated, ?? 67-6-701--67-6-712, vote for the provisions of this chapter, collection of the tax levied by this chapter shall begin on the first day of the month occurring 30 or more days after the county election commission makes its official canvass of the election returns. (1989 Code, ? 6-202)

5-503. Department of revenue to collect. It having been determined by the Department of Revenue of the State of Tennessee that it is feasible for this tax to be collected by that department, said determination being evidenced by Local Option Sales and Use Tax Rules and Regulations heretofore promulgated by the Department of Revenue, the department shall collect such tax concurrently with the collection of the state tax in the same manner as the state tax is collected in accordance with rules and regulations promulgated by said department. The mayor is hereby authorized to contract with the Department of Revenue for the collection of the tax by the department, and to provide in said contract that the department may deduct from the tax collected a reasonable amount of percentage to cover the expense of the administration and collection of said tax. (1989 Code, ? 6-203)

5-504. Suits for illegally assessed or collected taxes. In the event the tax is collected by the Department of Revenue, suits for the recovery of any tax illegally assessed or collected shall be brought against the mayor. (1989 Code, ? 6-204)

5-505. Copies and publication. A certified copy of the provisions of this chapter shall be transmitted to the Department of Revenue by the city recorder forthwith and shall be published one time in a newspaper of general circulation in Oliver Springs prior to the election called for in ? 5-502 hereof. (1989 Code, ? 6-205)
CHAPTER 6

FINANCE OFFICER

SECTION
5-601. Duties and responsibilities.

5-601. Duties and responsibilities. The duties of the finance officer as recorded in the town charter are as follows: The finance officer shall take care of and keep account of all funds of whatever nature, and shall keep such books as the town council may direct and shall do and perform all the duties that the town council shall by ordinance direct.
The finance officer will also be responsible for the opening and closing of accounts with financial institutions doing business with the Town of Oliver Springs.
A written report will be rendered to the town council after each transaction. (Ord. #96-07-03, March 1996)