(a)
Pursuant to the provisions of chapter 10.01 of title 58, Code of Virginia, there is hereby imposed upon each bank located within
the boundaries of the city a tax on net capital equaling 80 percent of the state rate
of franchise tax set forth in section 58-485.06, Code of Virginia.
(b)
In the event that any bank located within the boundaries of the city has offices that
are located outside the city limits, the tax shall be apportioned as provided by section
58-485.012, Code of Virginia. (Code 1963, Sec. 36-20.2, as enacted by Ord. No. 2470,
5/21/80)
