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the same shall., Ath the consent of the Railroad Commission of the <br />State - of California, be voluntarily surrendered or abandoned by the <br />grantee, or- until the state or some municipal or public corporation <br />thereunto duly authorized by law shall purchase by voluntary agree- <br />ment or shall condemn and take under the power of eminent domain, all <br />property actually used and useful in the exercise of said franchise and <br />situate in the territorial limits of. the state, municipal or public <br />corporation purchasing or condemning such property, or until said fran- <br />chise shall be forfeited for non -- compliance with its terms by the <br />grantee <br />Section 5. VALUE. The value of the franchise granted her e- <br />under is hereby fixed at the cost to the grantee of advertising and <br />publishing in connection with its issuance, and any other sun paid by <br />i t to the city therefor at the time of the acquisition thereof* <br />. Section 6. TOLL. The grantee of said franchise shall, <br />during the term hereof, pay to said city two per cent of the gross <br />annual receip of said grantee arising from the use, operation or <br />possession of said franchises provided, however, that such payment <br />shall in no event be less than a sun which shall be equivalent to one <br />half per - c ent of the gross annual receipts derived by grantee from the <br />sale of electricity within the limits of such city, both under this <br />franchise and under any constitutional franchise to which it may be <br />c omp1imentarya <br />Section 7. STATEkWT AND PAYMINT. The grantee shall file <br />with the <br />clerk of said city, within three months after the expiration <br />Y <br />of <br />the calendar ear, or fractional calendar year, following the date <br />of th gr anting . � <br />anti hereof and within three months after the expiration <br />of each and eve calendar year thereafter, a duly verified statement <br />showing in <br />detail the total gro rec eipts Of su ch gra during th <br />calen ear' or such fract calendar year, from the <br />preceding cal.en y 7 <br />icit within said city. Said statement shall. also show <br />sale of eleetr y <br />(3) <br />