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AN ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA (1988) BY AMENDING SECTION 35-4 <br />PERTAINING TO INTEREST ON DELINQUENCIES. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br /> <br /> 1. That Section 35-4 of the Code of the City of Portsmouth, Virginia, be <br /> amended and reordained to read as follows: <br /> <br />Sec. 35-4 Interest on delinquencies. <br /> <br />(a) Any person failing ro pay any taxes on real estate, tangible personal <br />property, except as set forth in paragraph (b) of this Section, machinery and tools or <br />other taxes due to the city shall incur, in addition to a penalty thereon, interest on that <br />amount of taxes which is due plus interest on any penalty assessed. Interest at the rate of <br />ten (10) percent per annum from the first day following the day such taxes are due and <br />said penalty is assessed shall be collected upon the principal and penalties of all taxes and <br />levies then remaining unpaid, and shall continue to accrue and be due until such time <br />such taxes and penalty are paid in full. <br /> <br />(b) Any person failing to pay tangible personal property taxes on any vehicle <br />from which the treasurer has deducted any amount ro be paid by the Commonwealth, as <br />shown on the tax bill, shall incur interest on the principal amount of the tax, and any <br />penalty assessed on the principal amount of the tax as a result of failure to pay, less the <br />amount of the tax to be paid by the Commonwealth. Interest shall be at the rate <br />prescribed in paragraph (a) of this Section, and shall accrue in the manner prescribed <br />therein. <br /> <br /> That this ordinance shall take effect on the date of its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on <br />April 27,1999. <br /> <br /> Teste: <br /> <br /> <br /> City Clerk <br /> <br /> <br />