Article I. In General.
Sec. 11.1-1. Tax on bank stock.
(a) There shall be assessed and levied, pursuant to section
58-476 of the Code of Virginia, for each year, a tax of forty cents
for each one hundred dollars of the value of the shares of stock of
banks located within the city, as determined pursuant to sections
58-465 to 58-485 of the Code of Virginia.
(b) There shall be assessed and levied, pursuant to section
58-476.1 of the Code of Virginia, on all branch banks within the
city of banks whose principal office is located outside the city, a
tax of forty cents for each one hundred dollars of value on such
proportion of the taxable value of the shares of stock in such bank
as the deposits through the branch or branches so located in the
city bear to the total deposits of the bank, as determined pursuant
to sections 58-465 to 58-485 of the Code of Virginia.
(c) Each bank subject to taxation under this section shall
deliver to the commissioner of revenue of the city a copy of the
report which such bank is required to furnish pursuant to sections
58-465 to 58-485 of the Code of Virginia, and it shall be the duty of
the commissioner of revenue to extend the tax hereby imposed
against the stockholders of such bank at the rate herein levied.
(d) Each bank subject to taxation under this section shall, on
and before the first day of June in each year, pay to the treasurer
of the city the taxes hereby levied and so assessed, and the
treasurer of the city shall give to such bank paying such taxes
duplicate receipts as prescribed by the department of taxation. It
shall be the duty of the treasurer of the city to collect the tax
hereby levied in the manner prescribed by sections 58-465 to
58-485 of the Code of Virginia. (Code 1959, § 1-14; 12-27-60.)
Sec. 11.1-2. Tax on recordation of deeds.
There is hereby imposed and levied by the city, pursuant to
section 58-65.1 of the Code of Virginia, a tax equal to one-third of
the amount of the state recordation tax collectable for the state on
the first recordation of each taxable instrument in the city;
provided, that no tax under this section shall be imposed or levied
upon any instrument upon which the state recordation tax is fifty
cents specifically; provided further that where a deed or other
instrument conveys, covers or relates to property located within
the city and also to property located in Albemarle County, the tax
imposed under this section shall be computed only with respect to
the property located in the city. The clerk of the corporation court
shall
collect such tax and pay the same to the city treasurer. (12-27-60.)
Sec. 11.1-3. Tax on probate of wills or grants of administration.
There is hereby imposed and levied by the city, pursuant to
section 58-67.1 of the Code of Virginia, a tax equal to one-third
of the amount of the state tax collectable for the state
on the probate of a will or the grant of administration. The
clerk of the corporation court shall collect such tax and pay
the same to the city treasurer. (12-27-60.)
Sec. 11.1-4. Investment of city funds.
For the purpose of preserving and investing all surplus
funds of the city, other than The Retirement Fund and The
Sinking Fund, the mayor, the chairman of the finance committee
of the city council, the director of finance, the city
manager and the city treasurer shall constitute an investment
committee. The investment committee may invest all surplus
funds, except The Retirement Fund and The Sinking Fund, as it
deems desirable in any securities which, under the laws of this
state, are designated and approved for the investment of fiduciary
funds. (1-21-64.)
