A. The grantee shall pay to the city at the times specified in this section, in lawful money of the United States, a sum annually which shall be equivalent to two percent (2%) of the gross annual receipts of grantee arising from the use, operation or possession of the franchise; provided, however, that such payment shall in no event be less than one percent (1%) of the gross annual receipts of the grantee derived from the sale of gas within the limits of the city under the franchise.
B. The grantee of the franchise shall file with the clerk of the city within three (3) months after the expiration of the calendar year, or fractional calendar year, following the date of the grant of the franchise, and within three (3) months after the expiration of each and every calendar year thereafter, a duly verified statement showing in detail the total gross receipts of the grantee, its successors or assigns, during the preceding calendar year, or such fractional calendar year, from the sale of the utility service within the city for which the franchise is granted. It shall be the duty of the grantee to pay to the city within fifteen (15) days after the time for filing such statement, in lawful money of the United States, the specified percentage of its gross receipts for the calendar year, or such fractional calendar year, covered by such statement. Any neglect, omission or refusal by the grantee to file such verified statement, or to pay such percentage, at the times or in the manner provided in this chapter, shall be grounds for the declaration of a forfeiture of the franchise and of all rights thereunder. (Ord. 825 § 3, 1941)