§ 6. Compensation for franchises.

The grantee of a franchise approved after the effective date of this amended Charter shall, as compensation for the rights and privileges enjoyed thereunder, pay monthly to the City a sum of not less than one percent (1%) and not more than four percent (4%) of the gross receipts from the service provided by the grantee within the corporate limits of the city. Such compensation shall be exclusive of and in addition to ad valorem taxes upon the property of the grantee and assessments for special improvements made upon real property. Such compensation shall be in lieu of all city occupation taxes imposed upon the occupation or business of the grantee and in lieu of any vehicle or license tax. The franchise may provide that no compensation shall be payable for not more than the first five (5) years thereof. If the ordinance granting a franchise provides for the waiver of compensation, the city may further waive the requirement for compensation for the remaining period of the franchise by amending the ordinance granting the franchise, subject to the approval thereof by a majority of the qualified electors of the city who shall vote thereon at a general or special election. For all sums due as such compensation, the city shall have a lien which may be enforced by appropriate action against the property of the grantee within the city.