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AN ORDINANCE IMPOSING TAXES ON SHARES OF STOCK ON BANKS LOCATED IN THE CITY OF PORTSMOUTH FOR THE YEAR 1979 AND ANNUALLY THEREAFTER, FIXING THE RATE AND REQUIRING THE PAY- MENT THEREOF, REQUIRING CERTAIN REPORTS, AND PRESCRIBING PENALTIES FOR THE VIOLATION THEREOF. BE IT ORDAINED by the Council of the City of Portsmouth~ Virginia: 1. The word "bank", as used in this ordinance, shall have the same meaning as set forth in Section 58-465 of %he Code of Virginia, 1950. 2. For the year 1979 and annually for each year there- after, there is hereby levied and imposed upon each stockholder of every bank located in the City of Portsmouth a tax at the rate of Eighty Cents per annum on each one hundred dollars of the taxable value of the shares of stock held by such stock- holder in any such bank. The said tax is levied and imposed in accordance with and pursuant to the provision of Sections 58-476 and 58-476.1 of the Code of Virginia, 1950, and shall be a first lien upon the stock standing in the name of all stockholders and upon the dividends thereon due and to become due, and shall have priority over all other liens except the lien of taxes due to the Commonwealth of Virginia. 3. For the purpose of assessing the taxes herein im- posed, each of said banks shall deliver to the Commissioner of the Revenue of the City of Portsmouth, on or before February I of each year, a copy of the reports such bank is required by law to furnish the said Commissioner of the Revenue for the purposes of State taxation. 4. Each bank located in this City shall on or before the first day of June~ 1979~ and annually before the first day of June of each year thereafter, pay to the City Treasurer of this City the taxes hereby assessed against the stockholders, and the City Treasurer shall give to the bank paying such taxes a duplicate receipt therefor, as provided by Sec%ion 58-480 of the Code of Virginia, 1950. 5. The taxes imposed by this ordinance shall be applicable to the stockholders of any bank which has a branch bank located in the City of Portsmouth and shall be paid in accordance with the provisions of Section 58-476.1 of the Code of Virginia, 1950.