§ 24-3. Agreement; annual fee.

(a) In general.

Said companies shall, in consideration of the rights and privileges granted to them by this subtitle, before constructing any portion of the conduit or conduits hereinbefore authorized, enter into an agreement in a form to be approved by the Mayor of the City of Baltimore, and with sufficient security, certified by the Comptroller and approved by the Mayor, to pay annually to the Mayor and City Council of Baltimore:

(1) 30¢ for each lineal yard of the 1^st 4 miles in aggregate lineal length of conduit or conduits, constructed under the provisions of this subtitle; and

(2) 20¢ per lineal yard for each succeeding mile or fraction of a mile of the aggregate lineal length of such conduit or conduits exceeding such aggregate lineal length of 4 miles.

(b) Minimum payment.

Provided, however, that the annual payment so to be made in any year accounting from May 9, 1889, shall not be less than the sum of $3,000.