§ 24-4. Franchise tax.

Upon each individual, company, corporation or association owning, operating, managing or controlling any gas, electric light, electric power or waterworks, or water and light plant located within the city and used for local sale and distribution in the city, charging for such gas, electric lights, electric power or water, there is hereby levied an annual tax for the use of the streets, alleys and public ways by such named public utilities in the conduct of the business of each, said tax to be such amount as provided for in article 7060½, Revised Civil Statutes of Texas.