Minutes 08/22/1989 - Laserfiche WebLink

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TUESDAY, AUGUST 22, 1989 local newspaper notifying owners/operators of local short-term rental businesses that the proposed regulations and ordinance are now under consideration by Council. Cohncil unanimously approved a proposed "Request for Proposal" and the inviting of bids thereon from local full-service banks, as recommended by City Manager Brown, designed to maximize the investment of all surplus City funds and the interest return thereon, plus making available to the City banking services to the extent described in the Request-For-Proposal document. Upon the advice of City Attorney David B. Worthy, and in light of a recent decision by the Virginia Supreme Court sustaining a lower court ruling in favor of Tultex Corporation vs. City of Martinsville, in which it was determined that the City erroneously assessed and collected personal property taxes on non- manufacturing equipment leased by Tultex Corporation, Council unanimously directed that the following amounts of erroneously-assessed personal property taxes paid by the following leasing corporations be refunded, plus payment of accrued interest calculated in accordance with Section 58.1-3991 of the CODE OF VIRGINIA (1950, and as amended): A. Taxes in the sum of $32,850.95 to IBM Credit Corporation, assessed for the tax years 1987 and 1988 on IBMCC-owned computer equipment leased to Tultex Corporation; and B. Taxes in the sum of $8,636.83 to SOVRAN Leasing Corporation, assessed for the years 1986 ($3,358.76), 1987 ($2,878.94), and 1988 ($2,399.13) on SOVRAN-owned dig,ital telephone system equipment leased to Tultex COrporation. Council also appropriated from General Fund Surplus funds sufficient to cover the foregoing-ordered refunds as well as to cover the payment of accrued interest due and yet to be determined as to'amounts.