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AN ORDINANCE IMPOSING AN~ LEVY/NG TAXES FOR THE FISCAL YEAR BEGINNING JULY I, 1977, AN~ ENDING JUNE 30, 1978, AND ALSO FOR EACH AND EVERY FISCAL YEaR THEREA~"I~L~ BEGIA~ING JULY 1 AND ~ND~NG JONE 30 OF EACH SUC~{ YEAR, UNLESS OTHERWISE CHANGED BY COUNCIL, ON ~REAL ESTATE, ~ANGI_BLE ~UTH, VI~INIA, FOR ~qE PURPOSE OF RAISING REVENUE FOR THE SUPPORT OF OPERATIONS AND THE PUBLIC FREE SC~HOOLS AND TO PAY PRINCIPAL AND /~'±'~Z~EST ON THE PUBLIC DEBT. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. For the fiscal year begL~mJ_ng July 1~ 1977, and ~nd~ng J~e 30, 1978, and also each and every fiscal year thereafter beginnmng July 1 and ending June 30 of each such year, unless otherwise changed by Council, the following ~x shall be placed on real estate, tangible personal propezqy, and machinery and tools wi~b/n the limits of the City of Portsmouth, for the purpose of raising revenue for the support of gov~tal operations and the public free schools a~d to pay principal add interest on the public debt. Tax on Real Estate: (a) The tax on real estate for the City of Portsmouth, Vir- ginia, exclusive of public sez~rice corporations shall be ene and 30/1GO ($1.30) Dollars on each One Hundred Dollars ($100.00) assessed valuation therefor. (b) The tax on real estate of public service corporations shall be Tkree and 25/100 ($3.25) Dollars on each One H~ndred ($100.00) Dollars if assessed at Forty (40%) percent of the fair market value ($1.30 ~ 40% = $3.25). (c) The tax on real estate of public service corporations shall be One and 30/100 ($1.30) Dollars on each One Hundred ($100.00) Dollars if assessed at One H,mndred (100%) peroe~nt of the fair r~rket value. 3. Tangible Personal Property: (a) There shall be a t~x of Four ($4.00) Dollars for every One Hundred ($100.00) Dollars of ~-he assessed value thereof of all tangible personal property of every kind and description as classified by Sections 58-829, 58-829.2 and 58-829.3 of the Code of Virginia, 1950, as ~mended, not ex~pt frc~ taxation, except household gocds and personal effects as classified by Section 58-829.1 of the Code of VLrg~nia, 195G, as ~rended, and including all motor vehicles end delivery equipment used in manu- fac~u~g, minmng, processing and reprocessing, radio or television broadcasting or dairy, business, and segregated by 1~ for local taxation exclusively.