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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, 1988, BY AMENDING SECTION 35-4 THEREOF PERTAINING <br />TO INTEREST ON DELINQUENT TAXES. <br /> <br /> BE IT ORDAINED by the counsel of the City of Portsmouth, <br />Virginia, that Section 35-4 of the Code of the City of <br />Portsmouth, Virginia, 1988, be amended as follows: <br /> <br />Section 35-4. Interest on delinquencies. <br /> <br /> Any person failing to pay any taxes on real estate, <br />tangible personal property, machinery and tools or other taxes <br />due to the City shall incur, in addition to a penalty thereon, <br />interest on that amount which is due. Interest at the rate of <br />10% per annum from the first day of the month next following <br />the due date of the assessment of taxes shall be collected <br />upon the principal of the taxes and l~vies for the first year <br />such taxes are delinquent, and at the rate equal to the rate <br />of interest established pursuant to Section 6621 of the <br />Internal Revenue Code of 1955, as amended, or 10% annually, <br />whichever is greater, for the second and subsequent years of <br />delinquency, or any part thereof. <br /> <br />This ordinance shall take effect on July 1, 1989. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held on June 27, 1989. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />