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• AN ORDINANCE TO AMEND AND REORDAIN SECTION 10-25 OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1976, RELATING TO PENALTIES AND INTEREST ON UNPAID TAXES. 1. BE IT ORDAINED by the Council of the City of Charlotte sviLle, that Section 10-25 of the Code of the City of Charlottesville, 1976, be amended and reordained as follows: Section 10-25. Penalties. Any person failing to pay taxes on personal property, machinery and tools, and merchant's capital on or before the fifth day of December shall incur a penalty thereof of five ten percent, which shall be added to the amount due from such taxpayer. Likewise, any person failing to pay that portion of the taxes on real estate due on or before the fifth day of June and the fifth day of December, respectively, shall incur penalties thereon of five ten percent of the amount of tax respectively becoming payable on such dates. Such taxes and penalties, when collected by the city treasurer, shall be accounted for in his settlements. • Should such taxes and penalties remain uncollected, there shall be collected interest at the rate of eight percent upon both principal sum and penalties. Such interest shall commence from the H}i-rfietk thirty-first day of December Jtrne-ite3rt4-x44regard to taxes payable December 5, and from the tfrifty--€itst thirtieth day of June with regard to taxes payable June 5. ALL such penalties and interest shall be collected and accounted for by the city treasurer along with the principal of such taxes. 2. This ordinance shall be effective upon its adoption, but the penalty established thereby shall be applicable to taxes due payable on or after June 5, 1979, and the interest rate established thereby shall be applied to all taxes delinquent on or after June 31, 1979. Adopted by the Council April 16, 1979 Copy Teste: C ( v of the Council I•