The grantee of the franchise shall, during the term hereof, pay to the city, during the life of the franchise, a sum annually which shall be equivalent to two percent (2%) of the gross annual receipts of the grantee arising from the use, operation or possession of the franchise; provided, however, that such payment shall in no event be less than a sum which shall be equivalent to one-half percent (0.5%) of the gross annual receipts derived by grantee from the sale of electricity within the limits of such city under the franchise and such constitutional franchise. (Ord. 793 § 4, 1937)