(a) There is hereby established a franchise fee to be paid annually by the City Water Department to the General Fund of the City.
(b) The franchise fee established herein shall be a sum equal to five percent of the Department's total gross operating revenues which are hereby defined to mean all amounts of money which the Department receives or becomes lawfully entitled to receive (whether collected or not) for services rendered resulting from the use of its properties within the City.
(c) The franchise fee payment shall be made annually on or before January 1 of each year for the preceding fiscal year and shall be accompanied by a statement showing the total gross operating revenues, on the basis of which the computation for such payment was made.
(d) The first such franchise fee under this section shall be due and payable to the City on January 1, 1990, for the preceding fiscal year commencing August 1, 1988, and ending July 31, 1989. The fiscal year, as referred to herein, shall commence on August 1 of each year and terminate on July 31 of the subsequent year.
(Ord. 1160. Passed 12-12-89.)