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able return after deducting operating expenses, taxes and maintenance and proper reserves for depreciation and renewal of equipment. Upon failure of the parties to agree at any time on any question pertaining to computation of the reasonable return on investment, aay such question shall be submitted to arbitration procedures for final determina- tion. Upon receipt of written notice from either party that arbitration is demanded upon any question and naming an arbitrator, the second party shall within ten days name its arbitrator by written notice to the other party and the two arbitrators. The two arbitrators shall then choose a third arbitra- tor within ten days of receipt of such notification. The arbitrators so appointed shall also have the power to charge all reasonable and necessary costs of the arbitration against the parties as they deem just and proper. Should the company or individual operating hereunder also operate, through ownership or otherwise, any buses exclusively for charter service or exclusively for extra-city operations, the value of such buses, together with the necessary facilities for maintenance and operation of same, shall not be considered as investment for rate making purposes~ nor shall income therefrom be considered for such purposes or the calculation of payment of percentage of gross receipts. Section 16-14. Rates of fare. The rate of cash fare zo be put in force under this article shall be twenty cents for regular passengers and ten cents for school children. In the exercise of its reserved power of regulation, the city council reserves the right to fix fares to be charged on the bus system herein provided for, and will at all times prescribe rates of fare which will permit a reasonable return as herein defined on the investment in the bus service in the city. Section 16-17. Payment of percentage of gross revenue in lieu of license Any company or individual operating under the provisions of this article shall pay into the treasury of the city for the use of its streets and for the privilege of operating its buses in the city, an amount equal to one and one-half(1½) per cent of the gross revenues from the bus operations of the company or individual, in the city, including all fares collected on any line eXtending outside the city limits, which payments shall be due and payable monthly on the fifteenth day of each month on the gross revenue for the preceding -2-