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The grantee of said franchise shall during the term thereof pay to said City a sum annually which shall be equivalent to two percent of the gross annual receipts of said grantee arising from the use, operation or possession of said franchise; provided, however, that such payment shall in no event be less than a sum which shall be equivalent to one-half percent of the gross annual receipts derived by grantee from the sale of electricity within the limits of such City under said franchise and said constitutional franchise.