Any grantee granted a franchise under this chapter shall pay to the City, during the life of such franchise, a sum not less than two percent of the gross annual receipts to the grantee. Such payment by the grantee shall be made annually or as otherwise provided in the franchise, by delivery of the same to the Director of Finance. In no event shall the annual payments to the City be less than $100.00 per year.

The grantee shall file with the City, within 50 days after the expiration of any calendar year or portion thereof during which such franchise is in force, a financial statement prepared by a certified public accountant, or person otherwise satisfactory to the Council, showing in detail the gross annual receipts as defined herein, of grantee, during the preceding calendar year or portion thereof. It shall be the duty of the grantee to pay to the City, within 15 days after the time for filing such statements, the sum hereinabove prescribed or any unpaid balance thereof for the calendar year or portion thereof covered by such statements.

The City shall have the right to inspect the grantee’s records showing the gross receipts from which its franchise payments are computed and the right of audit and recomputation of any and all amounts paid under this chapter. No acceptance of any payment shall be construed as a release or as an accord and satisfaction of any claim the City may have for further or additional sums payable under this chapter for the performance of any other obligation hereunder. In the event of any holding over after expiration or other termination of any franchise granted hereunder, without the consent of the City, the grantee shall pay to the City reasonable compensation and damages, of not less than 50 percent of its total gross profits during said period.