§ 6. Semi-payment of percentage of gross revenues.

(a)

No later than thirty (30) days after the end of each six=month period in Grantor's fiscal year, the Grantee, its successors and assigns, shall have paid to the Grantor and its successors an amount which when added to the amount of all taxes, licenses, and other impositions levied or imposed by the Grantor upon the Grantee's electric property, business, or operations, and those of the Grantee's electric subsidiaries for the preceding six (6) months of a tax year, if any, will equal six percent (6%) of the Grantee's gross revenues collected from the sale of electrical energy to all customers within the unincorporated areas of Clay County, Florida, for the six (6) months immediately preceding. For purposes of this Ordinance the term "gross revenues" shall mean the sum total of all revenues collected from the sale of electricity to customers in the unincorporated area of Clay County excluding any increase in the cost of utility services to the ultimate consumer resulting from an increase in the cost of fuel which has occurred subsequent to May 1, 1980.

(b)

Advance payment of the semi-annual amount to be paid to the Grantor by the Grantee under the terms of subsection (a) hereof and shall be made by estimated monthly installments commencing on or before October 1, 1993, for the Grantee's revenues (as defined in Subsection (a) hereof) for the months of July, August & September and then monthly thereafter. Each estimated monthly installment including the initial payment of October 1, 1993, shall be calculated on the basis of ninety percent (90%) of the Grantee's revenues (as defined in subsection (a) hereof) for the monthly billing period ending sixty (60) days prior to each scheduled monthly payment. For purposes of calculating each monthly installment, all taxes, licenses, and other impositions, if any, shall be estimated on the basis of the latest data available for any such amounts annually imposed on the Grantee, before being prorated on a monthly basis. The sixth and twelfth installments for each fiscal year of this grant of franchise shall, within thirty (30) days, be adjusted to reflect any underpayment or overpayment resulting from estimated monthly installments made for said six-month period of a fiscal year. A six-month period of a fiscal year is defined as the period October 1 through March 31 and April 1 through September 30.