Minutes 12/12/1978 - Laserfiche WebLink

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-~ TUESDAY DECEM-BER 12~ 1978 .r-- In connection with a recent proposal by City ~1anager Noland, suggesting that the annual rental fee charged by the City against Hartinsville Cablevision, for the use of the City's Electric Utility System's poles where attachments are made by Martins- ville Cablevision~ be increased from $3.00 to $4.00, Mr. Charles L. Robbins, Hanager of Martinsville Cablevision~ presented a statement listing taxes and other charges paid by Hartinsville Cablevision to the City and, also~ described the extent of free ."-- services provided City facilities. After some discussion~ and upon motion (duly seconded)~ Council directed that, until changed~ said pole rental or attachment fee shall remain at $3.00 per year. All members voted for the motion, with the exception of Councilman Greene~ who voted against the motion on the grounds that the City's increased value of its assets, i.e.~ today's inflated cost of poles and fixtures~ support increasing the attachment rental to ~1artinsville Cablevision. It was also noted that Martinsville Cablevision presently is paying $4.00 per year for attachment rentals on poles o~~ed by both Centel Telephone and Appalachian Power Company. With Councilman Vest abstaining from either taking part in the discussion or voting on the following matter (because or his being a director of one of the local banks)~ and with all other members of Council voting in favor, Council adopted the following Bank Stock Tax Ordinance (as prepared by City Attorney Horthy) which will permit the -, City to retain 80% (instead of the heretofore-permitted 40%) of the State rate of taxation on the taxable value of shares of stock in each local bank~ as defined in said ordinance: BE IT ORDAINED by the Council of the City of Martinsville. Virginia. in regular session held on December 12, 1978~ pursuant to the provisions of Section 58-476 of the CODE OF VIRGINIA (1950, and as amended)~ that--commencing on January 1~ 1979--there is hereby imposed a tax at the rate of eighty per centum (80%) of the State rate of taxation on each one hundred dollars of the taxable value of the shares of stock in any bank located in the City of Martinsville; however~ if any such bank has any branch or branches located outside of the corporate limits of the City of Martinsville~ the tax imposed hereby shall be upon only such proportion of the taxable value of the shares of stock in such bank as the total deposits of such bank~ minus deposits through its branch or branches