By Angela Hatton
Madisonville, KY – Madisonville city officials are hoping to bring in more money by collecting funds from a county insurance premium tax. Hopkins County established the tax in 1999, which levied 10 percent of all insurance premiums sold within the county. Cities have the option to take up to 100 percent of the money collected within their boundaries. Up until now, Madisonville has collected 85 percent. The city council passed its first reading last night of an amendment that would bump collections up to 100 percent. Mayor David Jackson says the city's old firefighter and police pension fund is running out. The city also faces a state-mandated increase in its new retirement fund. Jackson says collecting the remaining money will bring in an extra $375,000 per year. He says the city will have to become more efficient in the coming years to continue to meet their pension requirements. The ordinance amendment has its second reading March 7.