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'AN ORDINANCE TO AMEND AND RE-ENACT ORDINANCE NO. 1985-39, AS <br />AMENDED AND RE-ENACTED BY ORDINANCES NO. 1986-44, 1987-37, <br />1988-38, 1989-33, and 1990-30, IMPOSING AND LEVYING TAXES FOR <br />EACH FISCAL YEAR BEGINNING JULY 1ST AND ENDING JUNE 30TH, <br />UNLESS OTHERWISE CHANGED BY COUNCIL, ON REAL ESTATE, TANGIBLE <br />PERSONAL PROPERTY, PRIVATELY OWNED PLEASURE BOATS AND <br />MACHINERY AND TOOLS WITHIN THE CITY OF PORTSMOUTH, VIRGINIA, <br />FOR THE PURPOSE OF RAISING REVENUE FOR THE SUPPORT OF <br />GOVERNMENTAL OPERATIONS AND THE PUBLIC FREE SCHOOLS AND TO PAY <br />PRINCIPAL AND INTEREST ON THE PUBLIC DEBT. <br /> <br /> BE IT ORDAINED by the Council of <br />Virginia: <br /> <br /> 1. That Ordinance No. 1985-39, <br /> <br />the City of Portsmouth, <br />as amended and <br /> <br />re-enacted by Ordinances No. 1986-44, 1987-37, 1988-38, <br />1989-33, and 1990-30, is re-enacted as amended herein, <br />imposing and levying taxes for each fiscal year beginning July <br />1st and ending June 30th, unless otherwise changed by Council, <br />on real estate, tangible person property, privately owned <br />pleasure boats and machinery and tools within the City of <br />Portsmouth, Virginia, for the purpose of raising revenue for <br />the support of governmental operations and the public free <br />schools and to pay principal and interest on the public debt. <br /> 2. That Paragraph 2 of Ordinance No. 1985-39 as amended <br />and re-enacted by Ordinances No. 1986-44, 1987-37, 1988-38, <br />1989-33, and 1990-30, is amended and reordained to read as <br />follows: <br /> <br />Tax on Real Estate: <br /> <br />(a) Other than public service corporations: <br /> <br /> The tax on real estate for the City of Portsmouth, <br />Virginia, exclusive of public service corporations shall be <br />one dollars and thirty-two cents ($1.32) on each one hundred <br />dollars ($100.00) assessed valuation thereof. <br /> <br />(b) Public service corporations: <br /> <br /> The tax on real estate of public service corporations <br />shall be one dollar and thirty-two cents ($1.32) on each one <br />hundred dollars ($100.00) assessed valuation thereof. <br /> <br /> 3. That Paragraph 3(b) of Ordinance 1985-39, <br />and re-enacted by Ordinances No. 1986-44, 1987-37, <br />1989-33, and 1990-30, is hereby repealed. <br /> <br />as amended <br />1988-38, <br /> <br /> <br />