In the event that a franchise fee payment is not received by the City on or before the due date set forth in subsection 12-17.2 above, or is underpaid, the grantee will be charged interest from the due date at an interest rate equal to three (3%) percent above the rate for three-month Federal Treasury Bills at the most recent United States Treasury Department sale of such Treasury Bills occurring prior to the due date of the franchise fee payment. In addition, the grantee subject to the fee will pay a late charge of five (5%) percent of the amount of the unpaid or underpaid franchise fee payment. (Ord. #80-97, S17)