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AN ORDINANCE TO REENACT ORDINANCE NO. 1985-39, AS AMENDED, 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, 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. 1985-39 is reenacted, as amended in paragraphs 2, 3, and 4 hereof, 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, and machinery and tools within the City of Portsmouth, Virginia, for the purpose of raising revenue for the support of qovernmental operations and the public free schools and to pay principal and interest on the public debt. 2. That paragraph 3(c) of Ordinance No. 1985-39 is amended and reordained to read as follows: Public Service Corporations. Exclusive of automobiles and frucks which shall be taxed at the rate prescribed in section 3(al herein, the tangible personal property of Public Service Corporations shall be taxed at a rate of one dollar and thirty cents (~1.30) for every one hundred dollars ($100) of the assessed value thereof. 3. That paragraph 4 of Ordinance No. 1985-39 is amended and ~eordained 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, dai~y, dFy cleaning or laundry business for the City of Portsmouth, Virginia shall De one dollar and seventy-five cents ($1.75) on each one hundred dollars ($100) assessed valuation thereof.