[Amended 6-6-1978 by Ord. No. 78-27; 5-13-1980 by Ord. No. 80-16]
A. Pursuant to and in accordance with the provisions
of § 58.1-1200 et seq. of the Code of Virginia, as amended,
there is hereby levied a bank franchise tax of $0.80 on each $100
of net capital of each bank located in or having a branch or branches
located in this city.
B. Any bank which shall fail or neglect to comply with
any provision of this section shall be fined 5% of the tax due, which
fine shall be recovered upon motion, after five days' notice, in the
Circuit Court.