Section 2
SEC. 2. There shall be inserted between Sections two and three the following new section: "SEC. 2-A. In consideration of this franchise and rights hereby granted, the grantee shall pay a franchise tax equal to two per centum of the gross earnings for electric current sold under this franchise. Provisions of law to the contrary notwithstanding, the said franchise tax of two per centum of the gross earnings shall be in lieu of all taxes, fees and assessments of whatever authority now and in the future upon privileges, capital stock, right of way, earnings, income, franchise, machinery and equipment, poles, wires, transformers, watthour meters, insulators and all other property owned or operated by the grantee under this franchise, from which taxes and assessments the grantee is hereby expressly exempted, effective upon the date the original franchise was granted."