Appendix B · Franchises
ARTICLE VI
Consideration
In consideration of the grant of the franchise to the grantee, the grantee shall pay to the City an amount equal to 3 percent (3%) of the gross revenue from the operation of the business in said City, such payments, together with all reports required by law and the Governing Body of said City, shall be made semi-annually on the 1st day of July and the 31st day of December of each year during the term of this franchise.