(A)   There is hereby levied an annual inspection fee and service charge upon each and every person, firm and corporation operating a telephone exchange in the city in an amount equal to 2% of the gross revenue for each current year for exchange telephone transmission service rendered wholly within the limits of the city to compensate the city for the expenses incurred and services rendered incident to the exercise of its police power, supervision, police regulations and police control of the construction of lines and equipment of the telephone company in the city.
   (B)   (1)   The inspection fee and charge shall be due and payable to the city on or before May 1 of each year.
      (2)   The inspection fee and charge shall be paid into and appropriated and expended from the General Fund of the city.
(Prior Code, § 8-205)