The grantee shall pay to the city, during the life of the franchise, a franchise fee in an amount equal to five percent of the annual gross receipts of the grantee from the operations of its cable systems in the city; such fee shall be payable, on a quarterly basis, on or before the sixtieth day following the last day of each March, June, September and December during the term of the franchise, by delivery of the same to the city clerk. Any payment for a portion of a quarterly period shall be prorated. In no event shall the fees due to the city be more than that authorized by applicable federal and state law nor shall such fee include any tax, fee or assessment of any kind imposed by the city or other governmental entity on the grantee or any subscriber, or both solely because of their status as such. In the extent that the above payment is not received by the city within ten days of the specified time, the grantee shall pay to the city a late charge to cover administrative, bookkeeping and other expenses attendant to said payment of two percent of the amount otherwise due, plus interest at the rate of ten percent per annum on any late payment computed from the date due. (Ord. 93-03 §5 (part), 1993)