§ V. CASH CONSIDERATION.

In consideration for the grant of franchise and the right to use public rights-of-way within the City, the Company shall pay, quarterly, a cash consideration in an amount equal to two and three-tenths percent (2.3%) of the "gross receipts", as defined above in Section I (D), of the Company from the sale of telephone and communication services to consumers within the corporate limits of the City of Hobbs. The first payment hereunder shall be calculated from the date of acceptance of the ordinance through the last day of the first full calendar quarter following acceptance of this Ordinance, and shall be made within thirty (30) days following the last day of the period for which the payment is calculated, and, thereafter, payment for each calendar quarter shall be due and payable on or before the last day of the calendar month following the close of the calendar quarter for which the payment is calculated. The payment of this amount shall be in lieu of any and all licenses, taxes, fees, charges, or other excises or extrications on the Company or its properties, except for general property taxes and special assessments for local improvements and except any occupation or other tax assessed on Company or its properties, except any occupation or other tax assessed on Company on other non-utility revenues derived from within the City and not included in the definition of "gross receipts" herein. To assure proper payment as herein provided, the books of the Company shall be open to inspection by the City at all reasonable times.