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<br />-~ f~ <br />.1l .J <br /> <br />TUESDAY <br /> <br />FEBRUARY 24, 1981 <br /> <br />the City's eligibility thereunder, City Manager Edmonds informed Council that revisions <br /> <br />of the City's Flood Plain Management Ordinance would be presented to Council at its <br /> <br />forthcoming March 10th meeting, with Council's enactment of the revised ordinance necessary <br /> <br />on or before April 1, 1981. <br /> <br />Upon motion, duly seconded and unanimously carried, Council adopted an ordinance (as placed <br /> <br />on first reading February 10, 1981) revising and amending Article IV of Chapter 10 of <br /> <br />the City Code, regulating the stopping, standing and parking of motor vehicles along <br /> <br />City streets, meanwhile urging that due publicity be given to these revised regulations <br /> <br />in order that the motoring public become aware of these changes. <br /> <br />Also, upon motion (duly seconded and unanimously carried), Council adopted (on second reading) <br /> <br />the following ordinance establishing new penalty and interest rates on unpaid local property <br /> <br />taxes, effective on such taxes billed after July 1, 1981: <br /> <br />WHEREAS, the Council of the City of Martinsville, Virginia, has heretofore <br />ordained that the penalty for the failure to pay on time taxes on real <br />estate, tangible personal property, and machinery and tools, shall be <br />five percent (5%) of the tax past due, or $10.00, whichever is greater, <br />and has also ordained that interest will be paid on any such delinquent <br />taxes at the rate of six percent (6%) per annum; and, <br /> <br />WHEREAS, Section 58-847 of the 1950 Code of Virginia authorizes said <br />Council to increase said penalty to a figure not to exceed ten percent <br />(10%) of the tax past due, or $10.00, whichever is greater, and to <br />increase said rate of interest to a figure not to exceed ten percent <br />(10%) per annum; now, therefore, <br /> <br />BE IT ORDAINED by the Council of the City of Martinsville, Virginia, <br />in regular session held on February 24, 1981, that the penalty for the <br />failure to pay taxes on real estate, tangible personal property, and <br />machinery and tools on time shall be ten percent (10%) of the tax past <br />due, or the sum of $10.00, whichever is greater; and, <br /> <br />BE IT FURTHER ORDAINED that any such penalty shall be assessed on the <br />day after any such tax, and installment thereof, is due and that any <br />such penalty when so assessed shall become a part of the tax; and, <br />