6.16.050 Gross Annual Receipts–Percentage Payment.
   The grantee, its successors and assigns, must, during the life of the franchise, pay annually to the City, two percent of the gross annual receipts arising from the use, operation or possession of the franchise. In the event that such payment is not made, the franchise shall be forfeited.
(Ord. 62, § 5, 1958)