The period of limitation for the recovery of any franchise fees payable pursuant to the provisions of Section 11-1.1502 of this article shall be five (5) years after the date on which payment by the grantee is due. Unless within five (5) years after said date the County initiates recovery pursuant to the provisions of Section 11-1.1506 of this article, 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 2, April 1, July 1, and October 1 for the succeeding quarter of delinquency. The interest shall be compounded quarterly at the end of each quarter. In addition to interest as prescribed in this section, a ten (10%) percent per annum penalty shall be paid on all delinquent franchise fees in recognition of the fact that fluctuating interest rates on borrowed funds make it impossible to establish a reliable interest rate standard as a measure of damages for delinquencies in the payment of franchise fees, and other elements of damages resulting from delinquencies, such as the inadequacy of revenue with which to adequately administer and enforce the franchise, arising out of such delinquencies are subjective and impossible to estimate. (§ 1, Ord. 961, eff. October 27, 1983)