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<br /> -4- <br /> public places during the term of this Agreement an amount (in no <br /> event to be less than twenty-five thousand dollars ($25,000) annually) <br /> equal to two percent (2 %) of the gross receipts for the preceding <br /> year received by PEC from the rendition of electric utility <br /> services within the corporate limits of the City, as it now exists <br /> or as it may be later changed by annexation or deannexation ordinance. <br /> Provided, that if PEC at any time pays a higher percentage of its gross <br /> receipts as a fee to any other governmental entity under a <br /> franchise agreement, then PEC shall be obligated to pay that same <br /> percentage to the City under this franchise agreement, subject to <br /> the minimum annual payment stated above. This amount shall constitute <br /> compensation to the City for the expense incurred and for services <br /> rendered by the City in exercising its police power of regulation and <br /> supervision over the construction and location of PEC's poles, wi res, <br /> conduits, equipment and other facilities in the streets, alleys, <br /> rights-of-way and public grounds of the City and shall be due and <br /> payable in quarterly installments on January 3l, April 30, July 31 <br /> and October 31 of each year for the preceding calendar quarter or any <br /> part thereof. The City agrees that the consideration agreed to herein <br /> as a franchise fee shall be paid in lieu of any special tax, license, <br /> pole tax, inspection fee, excise, charge, fee, street or alley easement <br /> or other such charge or other tax now or hereinafter levied by the <br /> City except none of the provisions in this Agreement shall in anywise <br /> affect the liability of PEC for the payment of any present or future <br /> ad valorem taxes now or hereafter levied by the City or any other <br /> lawfully constituted taxing authority. PEC shall furnish annually by <br /> Harch 31st of each year a verified statement under oath of all the <br /> gross receipts of the PEC from the rendition of electric utility <br /> service within the corporate limits of the City for the prior <br /> calendar year. <br /> SECTION 10: Riqht to Verify Accounts. The City shall have the <br /> right at all reasonable times acting through its City Manager or <br /> designated officer, attorney, representative, or agent to inspect, <br /> review, audit and examine all the books, records and invoices of PEC <br /> used in calculating the two percent (2 %) gross receipts payment to <br /> the City. <br />