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City • ,w, rn growing on private property but overhanging or encroaching on public ways, places and public property which interfere or offer hazards to the con- struction, operation and maintenance of Grantee's facilities. Section 5. The rights, privileges and authority }iereby granted shall exist and continue from the date of passage of this ordinance, and thereafter, until terminated in accordance with provisions of Section 44 of Act 324 of the 1935 Acts of the State of Arkansas, as presently enacted or hereafter amended. Section 6. The rates which are to be charged by Grantee for electric service hereunder shall be those which are now lawfully approved or prescribed, and as said rates may, from time to time, be amended by Grantee in accordance with law or by any regulatory authority having jurisdiction thereof. Section 7. In the construction, operation, and maintenance of its facili- ties, said Grantee shall use reasonable and proper precaution to avoid damage or injury to persons or property and shall hold and save harmless the said Grantor from damage, injury, loss or expense caused by the negligence of the Grantee, or its agents, servants or employees, in constructing, operating and maintaining said facilities or in repaving or repairing any streets, avenues, alleys, bridges or other public grounds. Section 8. The Grantee shall endeavor at all times to keep its facilities in a reasonable state of repair, and to conform to such prac- tices and install such appliances and equipment as may be in keeping with the customary usage and practice in cities of similar size in this State during the time this franchise shall remain in force. Section 9. Beginning in 1966 , and thereafter during the life of this franchise, the Grantee shall pay to Grantor each year, a franchise tax in an amount equal to: Four and twenty-five hundredths percent (4.25%) of the preceding calendar year's gross residential and commercial electric revenues as paid to the Grantee by residential and commercial customers located within the corporate limits of the City of Batesville Payments shall be made by the Grantee to the Grantor in approximately equal quarterly installments beginning in January � 1966 Residential. - 3 -