ORD 0218 - Laserfiche WebLink

thereunto duly authorized by law shall purchase by voluntary agreement or shall condemn and take under the power or eminent domain, all pro- perty actually used and useful in the exercise or said franchise and situate in the territorial limits or the state, municipal or public corporation purchasing or condemning such property, or until said franchise shall be forfeited for non- compliance with its terms by the grantee. Section 4. The grantee or said franchise shall during the term thereof pay to said city a sum annually which shall be equivalent to two per cent or the gross annual receipts or said grantee arising from the use, operation or possession or said franchise; provided, however, that such payment shall in no event be less than a sum which shall be equivalent to one -half per cent of the gross annual receipts derived by grantee from the sale or electricity within the limits or such city under said franchise and said constitutional franchise. Section 5. The grantee shall rile with the Clerk of said city, within three months after the expiration or the calendar year, or fractional calendar year, following the date or the granting here- of, and within three months after the expiration or each and every calendar year thereafter, a duly verified statement showing in detail the total gross receipts or such grantee during the preceding calen- dar year, or such fractional calendar year, from the sale of electri- city within said city. Such grantee shall pay to said city within fifteen days after the time for riling such statement, in lawful money or the United States, the aforesaid percentage or its gross receipts for such calendar year, or such fractional calendar year, covered by such statement. Any neglect, omission or refusal by said grantee to file such verified statement, or to pay said percentage at the time and in the manner specified, shall be grounds for the declaration or a forfeiture or this franchise and or all rights or grantee hereunder. Section 6. This franchise is granted under the Franchise Act or 1937.