An annual fee is hereby levied upon each and every person, firm and corporation operating a telephone exchange in the city for the use of avenues, streets, alleys, easements and other public ways for exchange telephone transmission service rendered wholly within the limits of the city. The fee charged shall be in an amount equal to two percent (2%) of the gross revenues for each current year. Said fee shall be denoted as a public way use fee to compensate the city for the expenses incurred and services rendered incident to the exercise of its police power, supervision, police regulation, and police control of the construction of lines and equipment of said telephone company in the city. The public way use fee shall be due and payable to the city on or before March 1 of each year, and shall be paid into and appropriated and expended from the general revenue fund of the city. (2001 Code § 113.01)