5. Section 13 of the Principal Act is repealed and the following section substituted:
“13. (1) Rates are imposed in respect of each parcel of rateable land in the City Area at the rate of 1.019% per annum of its unimproved value.
“(2) Rates are imposed in respect of each parcel of rateable land outside the City Area at the rate of 0.5095% per annum of its unimproved value.”.