In consideration of the terms of this franchise, grantee agrees to pay the city a sum of money equal to three percent (3%) of grantee's "gross revenues" per year as defined. Such sum shall be payable quarterly on or before the last day of the month next succeeding the end of the quarterly period in which the revenues are properly earned or accrued: January 31, April 30, July 31, and October 31.
During the term of this franchise, grantee shall keep on file with the city clerk of the city of Spirit Lake, the number of subscribers and a schedule of current rates and charges. (Ord. 468, 6-10-2003)