Federal Reserve Bank of Richmond, a United States Corporation v. City of Richmond, a Virginia Municipal Corporation

OPINION

WIDENER, Circuit Judge:

The City of Richmond (City) appeals the district court’s grant of summary judgment in favor of the Federal Reserve Bank of Richmond (Bank). We find that the district court erred in concluding that the City’s assessment, under 12 U.S.C. § 531, of penalty and interest charges against the Bank for delinquent payment of real estate taxes was improper. We therefore reverse the district court’s grant of summary judgment.

The basic facts giving rise to the present controversy are not in dispute. The Bank maintains its principal offices on approximately seven acres of…