§ 4. [Annual fees.]

Latest version.

As a further consideration for the granting of this franchise, grantee will pay to said city an annual sum equal to one percent of the company's gross annual recurring local exchange service revenues generated from the conventional business and residence subscribers located within the corporate limits of grantor. The annual sums due grantor shall be paid on or before the 30th day of each month for the preceding month.

The payment of said fee to the city as hereinabove stated shall be the only franchise, inspection or similar type fee required of the company by the city, and shall be in lieu of any telephone service provided at no charge, or at a rate below tariff rates.

                    
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