The period of limitation for recovery of any franchise fees payable pursuant to the provisions of Sections 5.28.1520 or 5.28.1530 of this chapter, shall be five years from the date on which payment by the franchisee is due. Unless within five years from said date, the cable television commission initiates recovery pursuant to the provisions of Section 5.28.1570 of this chapter, recovery shall be barred. Delinquent franchise fees shall bear interest at an annual rate equivalent to that federal reserve discount rate on advances to member banks in effect on January 2nd, April 1st, July 1st, and October 1st for the succeeding quarter of delinquency. The interest shall be compounded quarterly, at the end of each quarter. In addition to interest as above prescribed, a ten (10) percent per annum penalty shall be paid on all delinquent franchisee fees in recognition of the fact that fluctuating interest rates on borrowed funds makes it impossible to establish a reliable interest rate standard as a measure of damage for delinquency in the payment of franchise fees, and other elements of damage resulting from delinquency, such as the inadequacy of revenue with which to adequately administer and enforce the franchise, arising out of such delinquency are subjective and impossible to estimate. (Prior code § 20.07.610)