§ 6. Payment to grantor.

(A)

Effective the first day of the first month beginning after the effective date of this ordinance, grantor shall be entitled to receive from grantee a franchise amount for the preceding month calculated as provided in section IV of Ordinance No. 77. Effective the first day of the second month beginning after the effective date of this ordinance, grantor shall be entitled to receive from grantee a monthly franchise amount which will equal six percent of grantee's base revenues for the preceding month, which amount shall be the total compensation due grantor for the rights, authority and privileges granted by this franchise. It is understood that grantee collects this fee from its customers receiving service within grantor's municipal boundaries pursuant to Florida Public Service Commission Rule 25-6.100, as part of grantee's regular, monthly customer bills.

(B)

Payment shall be made to grantor for each month no later than the 20th day of the following month. The monthly payment may be made by wire transfer. Any monthly payment or any portion thereof received 20 days after the due date shall be subject to interest at the rate of ten percent per annum until all payments are paid in full.