15.12.020 ADVERTISEMENT CONTENTS—PAYMENT OF PERCENTAGE.

Such publication must state the character of the franchise or privilege proposed to be granted, the term for which it is to be granted, and, if it is a street, railroad or automobile bus service, the route to be traversed; that sealed bids therefor will be received up to a certain hour and day named therein, and that the successful bidder and his or her assigns must, during the life of such franchise, pay to the City two percent of the gross annual receipts of the grantee to whom the franchise has been awarded, arising from its use, operation or possession. No percentage shall be paid for the first five years succeeding the date of the franchise, but thereafter such percentage shall be payable annually; and in the event such payment is not made, such franchise shall be forfeited; provided, further, that if the franchise is a renewal of a right already in existence, the payment of such percentage of gross receipts shall begin at once.