The grantee shall pay to the City, semi-annually, five percent (5%) of its gross revenues for the City's continuing regulatory cost of administration, supervising and enforcing this franchise and as consideration for the use of the City's streets, highways and public grounds. The franchise fee shall be due sixty days following the conclusion of each semi-annual period or part thereof. The first such payment shall be made on or before February 28, 1993 and shall be based upon the period October 1, 1992 through December 31, 1992 without regard to the date this franchise is fully executed.
(Ord. 09-85-92. Passed 9-15-92.)