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AN ORDINANCE I~POSiNG AND LEVYING TAXES FOR THE FISCAL YEAR. BEGIN- NING JULY 1, i975~ AND ENDING JUNE 30, 1976, AA~ ALSO FOR EACH AND EVERY FISCAL YEAR THEREAFTER BEGINNING JULY 1 AN~D ENDING JUNE 30 OF EACH SUCH YEAR, UNLESS OTF~ERWISE CHANGED BY COUNCIL~ ON RFJ~L ESTATE, TANGIBLE PERSONAL PROPERTY, AND ~CHINERY A~D 'DDOLS WITH- IN THE CITY OF PORTSMOUTH~ ViRG~TNIA, POR THE PURPOSE OF PJ%ISING REVENUE FOR THE SUPPORT OF THE GOVERnmENT AND T~LE PUBLIC FREE SCHOOLS AND TO PAY INTEREST AND SINKING FUN~D ON THE PUBLIC DEBT. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: I. For the fiscal year beginning July I, 1975, and end- ing June 30, 1976, and also each and every fiscal year thereafter beginning July ! and ending June 30 of each such year, unless other- wise changed by Council, the following tax shall be.placed on real estate, tangible personal property, and mackinery and tools within the !~its of the City of Portsmouth~ for .the purpose of raising revenue for the support of the gove~r~ent and the public free schools and to pay interest and sinking.fund on the public debt. ~ ~ 2. The tax on rea~ estate for the City of Portsmouth, Vir-_ ginia~ sba!l be Two and 60/100 ($2.6Q) Dollars on each one hundred ~o!iars assessed valuation thereof~ 3~ Tangible Personal Property: (a) There shall be a tax of Four ($4°00) Dollars for every one hundred dollars of the-assessed value thereof of all tangi- ble 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, i950~ as amended, .not exe~mpt from taxation, except household goods and persona], effects as classified by Section 58-829.1 of the Code of Virginia~ 1950, as amended, and i-~cluding a!l motor vehicles and delivery equipment used in manufacturing, mining, processing and reprocessing, radio or television broadcasting or dai~f business, and segregated by law for local taxation exclusively. Provided, however, that those articles exempted under Section 58-829ol of the Code of Virginia, 1950, as amended, shall apply only to such prcperty owned and used by an individual or by a family or househeld incidept to maintaining an aDode for such in- dividual, family or household and shall not be construe~ to extend to such property that is used to furnish an abode for use by othars from whom rent or other consideration is receive~ 4. The tax on machinery and tools used in a manufactur- lng or ~ninin~ b~siness for the City of Portsmcuth, Virginia~ shall