Commencing with electric bills rendered by MidAmerican Energy Company (the “Company”) to utility customers within the corporate limits of the City on or after May 1, 2005, and for so long as the franchise granted by Ordinance No. 05-01 is in effect, there is hereby imposed on the Company, and it shall be the Company’s obligation to collect from its customers and remit to the City, a franchise fee in an amount equal to a percentage of the gross receipts, minus uncollectible amounts, derived by the Company from the transmission, distribution, and sale of electric energy to retail customers within the corporate limits of the City at the following percentage levels:
1. Residential Customers – five percent (5%)
2. Commercial Customers – three percent (3%)
3. Public Authority Customers (other than the City and public schools) – three percent (3%)