As a further consideration for this franchise, the company shall pay to the city an amount equal to 2% of the gross revenues, exclusive of all federal and state excise taxes, received for local exchange telephone service furnished to subscribers of the company within the city; provided, that in the event the company, at any time during the term of this franchise, is authorized by the regulatory commission having jurisdiction to bill and collect pro rata from its customers within the city the total amount of franchise fees paid by the company or any amount of franchise fees in excess of 2%, then the city and the company will renegotiate the franchise payments, and the company will pay to the city such additional amount as may be agreed upon for the remainder of the term of this franchise. Payment shall be made in quarterly installments within 60 days after the end of each calendar quarter during the term of this franchise.
(Ord. 13-1992)