A.   Fee Levied: There is hereby levied an annual inspection fee and service charge upon each and every person, firm, or corporation operating a telephone exchange in the town in an amount equal to two percent (2%) of the gross revenues for each current year for exchange telephone transmission service rendered wholly within the limits of the town to compensate the town 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 town. The inspection fee and charge shall be due and payable to the town on or before June 1 of each year and shall be paid into and appropriated and expended from the general revenue fund of the town. (1995 Code title 7 § 4.1)
   B.   Fee In Lieu Of Other Fees And Taxes: During continued substantial compliance with the terms of this chapter by the owner of any telephone exchange, the charge levied hereby shall be and continue to be in lieu of all concessions, charges, excise, franchise, license, privilege, and permit fees or taxes or assessments, except ad valorem taxes. However, it is not intended hereby to extinguish or abrogate any existing arrangement whereby the town is permitted to use underground conduit, duct space, or pole contracts of the company for the fire alarm or police calls systems of the town. (1995 Code title 7 § 4.2; amd. 2006 Code)