The owner of a certificate for the operation of a bus line shall pay to the city a sum of money based upon a percentage of the gross receipts that shall be derived from all of the operation of such business within the city, including receipts from advertising, except a rental on equipment leased or used by or to other companies. The amount of such percentage shall be determined by the council, by resolution, at the time of the issuance of the certificate to the owner is authorized; provided, that the percentage authorized to be charged for the first five years of operation shall not exceed one-half of one percent of the gross receipts. At the end of a five-year period after commencement of operations, the council shall review the amount of the charge and, at that time, by resolution, establish the rate to be paid thereafter. Payment of such percentage of gross receipts shall be made in lawful money of the United States and shall be made semiannually on or before the twenty-fifth day of the month following each six-month accounting period from and after the date on which the certificate was issued; provided, that if the certificate is issued after the first day of January, but before the thirtieth day of June of any year, the accounting period shall end as of the thirtieth day of June of the same year and if issued after the thirtieth day of June but before five p.m. the thirty-first day of December of any year, the accounting period shall end as of the thirty-first day of December of the same year. Each payment shall be accompanied by a full, true and correct accounting showing by items all gross receipts of the owner and the source from which derived during such preceding month. If any exemption or deduction be claimed by reason of the foregoing exception, the same shall be shown by items and in full detail with a fully explanatory statement. All such accounting statements shall be filed in triplicate with the auditor-clerk, and with such persons, boards or commissions as from time to time may be designated by the city manager. They shall be verified by the proper officer of the company or the owner. For the purpose of verifying such accounting the city shall have the privilege of inspecting the books and records of such owner at any and all reasonable times during office hours, together with such rights of visitations as may be provide by resolution. (Ord. 73 NCS §19; prior code §24.49.)