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AN ORDINANCE TO RE-ENACT ORDINANCE NO. 2002-21 IMPOSING AND LEVYING TAXES FOR EACH FISCAL YEAR BEGINNING JULY 1s~ AND ENDING JUNE 30TM, UNLESS OTHERWISE CHANGED BY COUNCIL, ON REAL ESTATE, TANGIBLE PERSONAL PROPERTY, PRIVATELY-OWNED PLEASURE BOATS, pRIVATELY-OWNED CAMPING TR3ILERS AND MOTOR HOMES, 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 Portsmouttk Virginia: 1. That Ordinance No. 2002-21 is re-enacted imposing and levying taxes for each fiscaI year beginning July 1s* and.ending June 30t~, unless otherwise changed herein by Council. on real estate, tangible personal property, privately-owned pleasure boats, privately-owned camping trailers and motor homes, 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. That Paragraph 2 of Ordinance 2001-18, as re-enacted annually subsequent to its adoption, is amended and reordained to read as follows: Tax on Real Estate Other than public service corporations: The tax on real estate for the City of Portsmouth, Virginia, exclusive of public service corporations, shall be one dollar and forty-two cents ($1.42) on each one hundred dollars ~$100.00) assessed valuation thereof (b) Public service corporations: The tax on real estate of public service corporations shall be one dollar and forty- r~vo cents ($1.42) on each one hundred dollars ($100.00) assessed valuation thereof. 3. That this ordinance shall take effect on July 1, 2003. ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on April 22~ 2003. Teste: City Clerk