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AN ORDINANCE TO RE-ENACT ORDINANCE NO. 1997-28 IMPOSING AND LEVYING TAXES FOR EACH FISCAL YEAR BEGINNING JULY 1ST AND ENDING JUNE 30TH, UNLESS OTHERWISE CHANGED BY COUNCIL, ON REAL ESTATE, TANGIBLE PERSONAL PROPERTY. PRIVATELY OWNED PLEASURE BOATS, PRIVATELY OWNED CAMPING TRAILERS AND MOTOR HOMES, AND MACHINERY AND TOOLS WITHIN THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF RAISING REVENUE FOR THE SUPPORT OF GOVERNMENTAL OPERATIONS AND THE PUBLIC FREE SCHOOLS AND TO PAY PRINCIPAL AND INTEREST ON THE PUBLIC DEBT. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Ordinance No. 1997-28 is re-enacted imposing and levying taxes for each fiscal year beginning July 1st and ending June 30th, unless otherwise changed herein by Council, on real estate, tangible personal property, privately-owned pleasure boats, privately-owned camping trailers and motor homes, and machinery and tools within the City of Portsmouth, Virginia, for the purpose of raising revenue for the support of governmental operations and the public free schools and to pay principal and interest on the public debt. 2. That Paragraph 4 of Ordinance No. 1985-39, as last amended by Ordinance 1996-96 and re-enacted by Ordinance No. 1997-28, is amended and reordained to read as follows: Tax on Machinery and Tools: The tax on machinery and tools used in a manufacturing, mining, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning or laundry business in the City of Portsmouth, Virginia, shall be $3.00 on each one hundred dollars assessed valuation thereof. 3. That this ordinance shall take effect on July 1, 1998. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on April 28, 1998. Teste: City Clerk