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AN ORDINANCE TO AMEND ORDINANCE NO~ 1978-83 IMPOSING AND LEVYING TAXES FOR THE FISCAL YEAR BEGINNING JULY 1, 1979, AND ENDING JUNE 30, 1980, AND ALSO FOR EACH AND EVERY FISCAL YEAR THEREAFTER BEGINNING JULY 1 AND ENDING JUNE 30 OF EACH SUCH YEAR~ UNLESS OTHERWISE CHANGED BY COUNCIL, ON REAL ESTATE, TANGIBLE PERSONAL PROPERTY, AND [Z~CHINERY AND TOOLS WITHIN THE CITY OF PORTSMOUTH, V!RGINIA~ 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. WHEREAS, Ordinance No. 1978-83 establishes the current tax ra~es on real.estate, tangible personal property, and machinery and tools within the City of Portsmouth; and WHEREAS, Section 58-514.2, Code of Virginia, 1950, as amended, mandates that rates of taxation of real es%ate for public service corporations shall be based upon an equal assessment; and WHEREAS, a formula has been established to adjust such tax rates equitably throughout the Commonwealth~ BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: I. That Ordinance NO. 1978-83 be amended and reordained to read as follows: i. For the fiscal year beginning July 1, 1979, and ending June 30, 1980, and also each and every fiscal year there- after beginning July 1 and ending June 30 of each such year, unless otherwise changed by Council~ the following tax shall be placed on real estate, tangible personal property, and machinery and tools within the limits of the City of Ports- mouth, 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. Tax on Real Estate: (a) Other than Public Service Corporations: The tax on real estate for the City of Portsmouth, Virginia, exclusive of public service corporations, shall be One and 28/1OO ($1.28) Dollars On each One Hundred Dollars ($iOO.OO) assessed valuation therefor.