§ 6. Franchise fee.

In consideration of the grant of this franchise, the company agrees to pay to the municipality, during the effective period of this franchise, a sum of money equal to three percent of the gross receipts of the company from the sale and delivery of gas at retail for residential and commercial purposes billed on residential and commercial rates within the limits of the municipality, the period for which such gross receipts shall be computed to commence on the first day of June, 1984, which amount shall be paid quarterly, the quarterly periods being fixed on a calendar year basis, and the payments on a quarterly basis shall be made not later than 30 days after the end of each quarter, that is, on or before April 30, July 30, October 30 and January 30 of each year, and on or before the payment dates referred to the company shall furnish to the municipality a statement showing the total amount of gross receipts of the company for the preceding quarterly period to which the payment of three percent is applicable.