The grantee shall file with the city administrator, within three months after the expiration of the calendar year, or fractional calendar year, following the date of the granting of this franchise, and within three months after the expiration of each subsequent calendar year or fraction thereof during which this franchise is in effect, a verified statement showing in detail for the term of the franchise in such calendar or fractional year, as the case may be, the total gross receipts of the grantee arising from the use, operation, or possession of this franchise and the total gross receipts of the grantee derived from the sale of water within the city. The grantee shall pay to the city within fifteen days after the time for filing said statement, in lawful money of the United States, the percentage required by Section 4.50.270 of its gross receipts for the calendar year or fractional year, covered by said statement. Any neglect, omission or refusal by the grantee to file the verified statement, or to pay the percentage, at the times or in the manner hereinabove provided, shall constitute grounds for the declaration of a forfeiture of this franchise and of all rights of the grantee under Sections 4.50.240 through 4.50.350.
(Ord. 383 § 2 Ex. A (part), 1986).