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1985-94 <br /> <br />AN ORDINANCE TO AMEND THE CODE OF THE CI~ OF <br />VIRGINIA, 1973~ AS AMENDED, BY ADDING SECTION <br />PERTAINING TO TAXATION. <br /> <br />PORTSMOUTH, <br />35-8 THEREOF, <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 35-8 of the Code of the City <br />Portsmouth, Virginia,~ 1973, be added and ordained <br />follows: <br /> <br />Section <br /> <br /> of <br />to read as <br /> <br />35-8. P~ovisions for interest for nonpayment of <br /> taxes. <br /> <br /> Any person failing to pay any taxes on real estate, <br />tangible personal property, machinery and tools, or other <br />taxes due to the City of Portsmouth shall incur, in addition <br />to a penalty thereon, interest on that amount which is due. <br />Interest at the rate of ten percent per annum from the first <br />day of the month next following the due date of the assessment <br />of taxes shall be collected upon the principal of the taxes <br />and levies for the first year such taxes are delinquent, and <br />thereafter at the Pate equal to the rate of interest <br />established pursuant to Section 6621 of the Internal Revenue <br />Code of 1954, as amended, for the second and subsequent years <br />of delinquency, or any part thereof. <br /> That this ordinance shall take effect on October 8, 1985. <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held October 8, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />