For each full or fractional calendar year of the life of this franchise, the grantee shall pay to the city at the times hereinafter specified, in lawful money of the United States, the sum annually which shall be equivalent to two percent of the gross annual receipts of the grantee arising from the use, operation or possession of this franchise; provided, however, that such payment shall in no event be less than one percent of the gross annual receipts of the grantee derived from the sale of water within the limits of the city.
(Ord. 383 § 2 Ex. A (part), 1986).