(1) Each utility and telecommunications utility subject to the privilege tax as provided in Section 4.250 shall file with the Finance Department of the City of Medford an audited statement of the revenues earned within the corporate limits of the City for each month.

(2) The monthly report shall be filed on or before the payment date of privilege tax.

(3) If a franchise is granted to a utility which is otherwise subject to the provisions of Section 4.250 the utility shall file a report with the Finance Department of the City of Medford within 10 days after the franchise becomes effective showing the gross revenues earned for the proportionate period of the month prior to the franchise being granted.