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~2~ ORDINANCE Z'4POS!NG TAXES 0N SHAPES OF STOCK OF B~fKS LOCATe3 IN THE CITY OF PORTSMDL~UH FOR THE YEAR 1967 AND ~Z~JALLY ~r~REA_~i~, FIX/J~ %~HE RATE ~2© REQUIRING THE PA~NT YHEF~OF, REQUIRING CERt~AIN REPORTS, AND PRESCRiB/~NG P~ALTIF.2 FOR ~E VIOLATION Be it ordained by the Council of-the City of Portamouth, Virginia: i. The word "bank", as used in this ordinance, shall have the same meaning as set forth in Section 58-465 of the Code of Virginia, 1950. 2. For the year 1967 and annually ~or each year thereafter, there is hereby levied and imposed upon each stockholder of every bank located in the City of Portsmouth a tax at the rate of Forty Cents per annum on each one hundred dollars of the taxable value of the shares of stock held b~y such stockdaolder in any such bank. The said tax is levied and imposed in accordance ~rit~ and pursuant to the provision of Sections 58-~76 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 slnall have priority over all other liens except the lien of taxes due to the CaTmonwealth of Virginia. ~. For the purpose of assessir~ the taxes herein Zmposed, each of said banks shall deliver to the Cmumissioner of the Revenue of the City of Portsmouth, on or before February 1 of each year, a copy of the reports suc~ bank is required by law ~o furnish the said Ccrmmission~cr of the Revenue for the purposes of State ~axation. 2. Each bank located in this City shall on .or before the first day of June, 1967, 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 bar~ paying such taxes a duplicate receipt, therefor, as provided by Section 58~480 of the Code of Virginia, 1950. 5. The taxes imposed by this ordinance shall be applicable to the. stockholders of any bank ~£nich has a branch bank located in the City of Portsmouth and shall be paid in accordance with the p~ovisions of Section 58-476.1 of the Code of Virginia, 1950. 6. ~y bank which shall fail or neglect to comply with any of the provisions of this ordirmmce shall be fined not less than fifty dollsrs nor more than tv~o hundred dollars, but the payment of such fines · will not relieve the bank from the payment of .the taxes ~nposed by this Ol~B~qe e, 7. An amergency exists and this ordinance shall take effect January 1, 1967. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on December 2?, 1966. Teste: