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AN ORDINANCE TO AMEND AMD RE-ENACT ORDINANCE NO. 1985-39, AS <br />AMENDED AND RE-ENACTED BY ORDINANCES NO. 1986-44, 1987-37 AND <br />1988-38, IMPOSING AND LEVYING TAXES FOR EACH FISCAL YEAR <br />BEGINNING JULY 1ST AND ENDING JUNE 30TH, UNLESS OTHERWISE <br />CHANGED BY COUNCIL, ON REAL ESTATE, TANGIBLE PERSONAL <br />PROPERTY, PRIVATELY OWNED PLEASURE BOATS AND MACHINERY AND <br />TOOLS WITHIN THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE <br />OF RAISING REVENUE FOR THE SUPPORT OF GOVERNMENTAL OPERATIONS <br />AND THE PUBLIC FREE SCHOOLS AND TO PAY PRINCIPAL AND INTEREST <br />ON THE PUBLIC DEBT. <br /> <br /> BE IT ORDAINED by the Council of the City of Pcrtsmouth, <br />Virginia: <br /> <br /> 1. That Ordinance No. 1985-39, as amended and re-enacted <br />by Ordinances No. 1986-44, 1987-37 and 1988-38, ~s re-enacted <br />as amended herein, imposing and levying taxes for each fiscal <br />year beginning July 1 and ending June 30th, unless otherwise <br />changed by Council, on real estate, tangible personal <br />property, privately owned pleasure boats and machinery and <br />tools within the City of Portsmouth, Virginia, for the purpose <br />of raising revenue for the support of governmental operations <br />and the public free schools and to pay principal and interest <br />on the public debt. <br /> <br /> 2. That Pargraph 2 o~ Ordinance No. 1985-39 as amended <br />and re-enacted by Ordinances No. 1986-44, 1987-37 and 1988-38 <br />is amended and reordained to read as 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 dollar and thirty-two cents ($1.32) on each one hundred <br />dollars ($100) 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) assessed valuation thereof. <br /> <br /> 3. That Paragraph 3(b) of Ordinance 1985-39, as amended <br />and re-enacted by Ordinances 1986-44, 1987-37 and 1988-38 is <br />amended and reordained to read as follows: <br /> <br />Privately Owned Pleasure Boats: <br /> <br /> <br />