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thereunto duly authorised by law shall purchase by voluntary agreement <br /> or shall condemn and take under the power of eminent domain, all pro- <br /> perty actually used and useful in the exercise of said franchise and <br /> situate in the territorial limits of the state, municipal or public <br /> corporation purchasing or condemning such property, or until said <br /> franchise shall be forfeited for non-compliance with its terms by the <br /> grantee. <br /> Section 4. The grantee of said franchise shall during the <br /> term thereof pay to said city a sum annually which shall be equivalent <br /> to two per cent of the gross annual receipts of said grantee arising <br /> from the use, operation or possession of said franchise; provided, <br /> however, that such payment shall in no event be less than a sum which <br /> shall be equivalent to one-half per cent of the gross annual receipts <br /> derived by grantee from the sale of electricity within the limits of <br /> such city under said franchise and said constitutional franchise. <br /> Section 5. The grantee shall file with the Clerk of said <br /> city, within three months after the expiration of the calendar year, <br /> or fractional calendar year, following the date of the granting here- <br /> of, and within three months after the expiration of each and every <br /> calendar year thereafter, a duly verified statement showing in detail <br /> the total gross receipts of such grantee during the preceding calen- <br /> dar year, or such fractional calendar year, from the sale of electri- <br /> city within said city. Such grantee shall pay to said city within <br /> fifteen days after the time for filing such statement , in lawful money <br /> of the United States, the aforesaid percentage of its gross receipts <br /> for such calendar year, or such fractional calendar year, covered by <br /> such statement . Any neglect, omission or refusal by said grantee to <br /> file such verified statement, or to pay said percentage at the time <br /> and in the manner specified, shall be grounds for the declaration of <br /> a forfeiture of this franchise and of all rights of grantee hereunder. <br /> Section 6. This franchise is granted under the Franchise <br /> Act of 1937. <br /> -3- <br />