Each state franchise holder shall remit to the City a franchise fee in the amount of five (5) percent of the gross revenues of the state franchise holder in compliance with Public Utilities Code Sections 5840(q), 5860(a) and (d). If the holder does not pay the franchise fee when due, it shall pay a late payment charge at a rate per year equal to the highest prime lending rate during the period of delinquency, plus one percent. (Ord. 1030 § 2(4), 2018; Ord. 1003 § 2, 2015)