Section 7
SEC. 7. In consideration of the franchise and rights hereby granted, the grantee shall pay to the municipal treasurer of the municipality in which he is supplying electric current and ice to the public under this franchise a tax equal to two per centum of the gross earnings from electric current and ice sold and/or cold storage supplied under this franchise in said municipality. Said tax shall be due and payable quarterly and shall be in lieu of any and all taxes of any kind, nature or description levied, established, or collected by any authority whatsoever, municipal provincial or national, now or in the future, on his poles wires, insulators, switches, transformers and structures installations, conductors, and accessories, placed in and over and under all public property, including public streets and highways, provincial roads, bridges and public squares, and on his franchise, rights, privileges, receipts, revenues and profits, from which taxes the grantee is hereby expressly exempted.