The inhabitants of the City of Portsmouth, within the limits as now established, or as hereafter established in the manner provided by law, shall be a body politic and corporate by name the City of Portsmouth, and as such shall have perpetual succession; may use a corporate seal; may sue and be sued; may acquire or appropriate property within or without its limits for any municipal purpose in fee simple or lesser interest or estate by purchase, gift, device, appropriation, lease, or lease with privilege to purchase, and may sell, lease, hold, manage, and control such property and make any and all rules and regulations by ordinance or resolution which may be required to carry out fully all the provisions of any conveyance, deed, or will, in relation to any gift or bequest, or the provisions of any lease by which it may acquire property; may acquire, appropriate, construct, own, lease, operate and regulate public utilities; may assess, levy, and collect taxes for general and special purposes on all the subjects or objects which the City may lawfully tax; may borrow money on the faith and credit of the City by the issue or sale of bonds or notes of the City; may appropriate the money of the City for all lawful purposes; may create, provide for, construct, regulate and maintain all things of the nature of public works and improvements; may levy and collect assessments for local improvement; may license and regulate persons, corporations and associations engaged in any business, occupation, profession or trade; may define, supervise, regulate, prohibit, abate, suppress and prevent all things detrimental to the health, morals, comfort, safety, convenience and welfare of the inhabitants of the City, and all nuisances and causes thereof; may regulate the construction, height, and the material used in the construction of all buildings, and the location, maintenance and occupancy thereof; may regulate and control the use for whatever purposes, of its streets and other public places; may create, establish, organize and abolish offices and fix the salaries and compensation of all officers and employees; may make and enforce local police, sanitary and other similar regulations; may pass such ordinances as may be expedient for maintaining the peace, good government and welfare of the City, and for the performance of the functions thereof; and shall have all powers that now are, or hereafter may be granted to municipalities by the constitution and laws of Ohio.