§ 13-132. Amount of tax.

(a)

The telephone company shall pay to the city an annual sum of two hundred sixty-two thousand dollars ($262,000.00) to be paid in four (4) quarterly payments on or before March 31, June 30, September 30, and December 31 of each year, each quarterly payment will be in the amount of sixty-five thousand five hundred dollars ($65,500.00).

(b)

The annual payment herein required shall be in lieu of all other licenses, charges, fees or impositions (other than the usual general or special ad valorem taxes) which may be imposed by the city under authority conferred by law. The telephone company shall have the privilege of crediting such sums with any unpaid balance due the company for telephone services rendered or facilities furnished to the city.

(Code 1967, § 20-72)

State law reference

Authority to tax or license businesses, A.C.A. § 26-77-102.