(a) The grantee shall pay to the city at the times hereinafter specified, in lawful money
of the United States, a sum annually which shall be two (2) per cent of the gross
annual receipts of grantee arising from the use, operation or possession of said franchise:
Provided, however, that such payments shall in no event be less than a sum which shall
be equivalent to one per cent of the total gross annual receipts derived by grantee
from the sale of gas within the limits of the city under this franchise.
(b) The grantee of this franchise shall file with the clerk of the city within three (3)
months after the expiration of the calendar year, or fractional calendar year, following
the date of the grant of this franchise [June 21, 1954], and within three (3) months
after the expiration of each and every calendar year thereafter, a duly verified statement
showing in detail the total gross receipts of the grantee, its successors or assigns,
during the preceding calendar year, or such fractional calendar year, from the sale
of the utility service within the city for which this franchise is granted. It shall
be the duty of the grantee to pay to the city within fifteen (15) days after the time
for filing such statement, in lawful money of the United States, the specified percentage
of its gross receipts for the calendar year, or such fractional calendar year, covered
by such statement.
(c) Any neglect, omission or refusal by said grantee to file such verified statement,
or to pay said percentage, at the times or in the manner hereinabove provided, shall
be grounds for the declaration of a forfeiture of this franchise and of all rights
hereunder.
