§ 7. Compensation to City.

Latest version.

KINNET shall pay to the City as compensation for the right and privilege granted in this ordinance the amount of Three Thousand and no/100 Dollars ($3,000), one time on the effective date of this ordinance. In addition, KINNET shall pay an annual sum equal to the rate of Two and 50/100 Dollars ($2.50) per linear foot for the right-of-way described in Attachment "A". Such annual payments shall be made on the effective date of the ordinance and on the anniversary date each year thereafter. All payments shall include an additional charge of one and one-half percent (11/2%) per month compounded daily retroactive to the date payment was due when made more than thirty days after the date due. The City and KINNET may hereafter establish such periodic payment procedure as the parties mutually agree.

                    
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