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AN ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA (1988), AS AMENDED, PERTAINING TO TAXATION <br />BY AMENDING SECTION 35-381 THEREOF. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 35-381 of the Code of the City of <br />Portsmouth, Virginia (1988), be amended and reordained to read <br />as follows: <br /> <br />Sec. 35-381. Penalty and interest for late remittance. <br /> <br /> If any person shall fail or refuse to remit to the city <br />treasurer the tax required to be collected and paid under this <br />article within the time and in the amount specified in this <br />article, there shall be added to any tax interest at the rate <br />of one (1) percent per month on the amount of the tax for each <br />month or portion thereof from the date upon which the tax is <br />due as provided in this article, and there shall be added <br />thereto a penalty of ten (10) percent of the amount of the tax. <br /> <br /> 2. That this ordinance shall take effect on the day of <br />its adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held on July 12, 1994. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />