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Section 7. Company Rules and Regulations The Company shall have the authority to promulgate such rules, regula- tions, terms and conditions governing the conduct of its business as shall be reasonably necessary to enable the Company to exercise its rights and perform its obligations under this franchise, and to assure an uninterrupted service to each and all of its customers. Provided, however, that such rules, regulations, terms and conditions shall not be in conflict with the provisions hereof or applicable State and Federal laws, rules and regulations. Such rules, regulations, terms and conditions shall be submitted to the City. Section 8. Franchise Fee a) For the reason that the streets of the City to be used by the Com- pany in the operation of its system within the boundaries of the City o~ University City are valuable public properties acquired and maintained by the City at great expense to its taxpayers, and that the grant to the Company to use said streets is a valuable property right without which the Company would be required to invest substantial capital in right-of-way costs and acquisi- tions, the Company shall pay to the City an amount equal to five percent (5%) of the Company's gross annual revenue from all sources attributable to the operations of the Company within the confines of the City of University City. b) This payment shall be in addition to any other payment, charge, permit fee or bond owed the City by the Company, and shall. not be construed as payment in lieu of personal or real property taxes levied by the State, County or local authorities. c) The annual franchise payment percentage designated in this section may be amended by the City at the time of an implementation of a rate increase. Such amendments shall not exceed the increased costs for municipal regulation and supervision. The Company shall be notified in writing at least thirty (30) days prior to the formal action on such amendment. The Company shall be re- quired to adjust its rates to reflect the decrease in costs associated with any reduction in the franchise fee adopted by the City. d) Sales taxes or any other taxes or fees including copyright fees which are collected from subscribers by the Company to be remitted by the Com- pany to a governmental agency shall be deducted from the gross annual revenue prior to the computation of the annual franchise payment. The payment due the City under the provisions of sub-paragraph "a" above shall be computed and due quarterly, and payable not later than sixty quarter of the fiscal year of the Company. 25 (60) days after the close of each Each payment shall be accompanied