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.y 0 ORDINANCE NO. ` � - 3 - I AN ORDINANCE REVISING AND AMENDING ORDINANCE NO. 716 OF 1965, AS AMENDED, HEREBY PROVIDING FOR THE PAYMENT OF FRANCHISE TAXES BY ARKANSAS POWER AND LIGHT COMPANY ADJUSTED ON A CURRENT CALENDAR QUARTER BASIS; DECLARING AN EMERGENCY AND FOR OTHER PURPOSES. WHEREAS, pursuant to Ordinance No. 716 of 1965 as amended Arkansas Power and Light Company (hereinafter "AP&L") pays each year to the City of Batesville' (hereinafter "the City") a franchise payment hereinafter described for the privileges stated in Ordinance No. 716 of 1965, as amended, and WHEREAS, the City desires to establish the method of computation of such tax as a percentage of current calendar quarter revenues as more fully ex- plained herein , and WHEREAS, Arkansas Power & Light Company is agreeable to such method of computation, NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BATES- . VILLE, ARKANSAS, AS FOLLOWS: Section 1: That Section 9 of Ordinance No. 716 of 1965 and as amended by Ordinance No. 85-10-1 of 1985 is hereby amended in its entirety to read as stated in Section 2 herein until cancelled by either party. Section 2: Section 9 is hereby amended as follows: "Beginning with the month April 1, 1987 , and continuing thereafter, AP&L shall pay in quarterly installments, the sum of four and twenty-five hundredths percent (4. 25%) of the preceding quarter' s current gross revenues collected from residential and commercial users, excluding industrial users, located within the corporate limits of the town and payments shall continue quarterly thereafter with pay- ments due before the end of the month immediately following the close of a calendar quarter. Residential and commercial electric revenues are those rev- enues so classified pursuant to AP&L' s uniform classification standards. The ® City shall have the right to examine and verify from the records of AP&L, any data relative to the gross revenues of AP&L from customers on which said franchise tax is due. In the event of a controversy between the City and AP&L as to the amount of gross revenues received by AP&L in the City of Batesville I upon which said tax is due, such controversy shall be referred to the Arkansas Public Service Commission, or such successor regulatory agency which may have ® jurisdiction over AP&L for final determination, and the decision of said Com- mission shall be binding upon both parties hereto. In it is expressly agreed and understood by the City and AP&L that the aforesaid payment shall constitute and be considered as complete payment and