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9. Chapter 30 (Taxation), Article XII (Bank Franchise Tax) is hereby amended as follows: <br />21 Sec. 30-347. Imposed. <br />(a)Pursuant to § 58.1-1208 * i+s of the Code of Virginia, ehaptef 12 (sestien <br />58 .1 1200 et "e,.) «f title 58.1i there is hereby imposed upon each bank located within <br />the boundaries of the city a tax on net ^"pita' equa « in the amount of eighty (80) <br />percent of the state rate of flans ise tax "et fim4h a in Code of Virginia eetion 58.1 1204 <br />taxation on each $100 of the net capital of such bank, subject to applicable provisions of <br />Chapter 12 (§58.1-1200 et sea.) of the Code of Virginia. <br />(b)l nrte" bank leeated within the 1,,...«,1..«:..s of the e:ty is of the prineipal <br />«ffiee but : a bfanel. extensie« .. affiliate of the prineipal offiee the tax upen le <br />bran Y shall be appei4iened as provided by C.o.de ofVirginia, seetion C Q�i- <br />• <br />Approved by Council <br />November 15, 2004 <br />Clatk of City Council <br />0 21 Va. Code §58.1-1200 et seq. <br />Page 14 of 14 <br />