1.  The grantee of any franchise secured under the provisions of NRS 709.180 to 709.280, inclusive, shall, within 30 days after such franchise is granted, file with the county recorder of such county an agreement, properly executed by the grantee, to pay annually, on the first Monday of July of each year, to the State Treasurer for deposit in the State Education Fund, for the benefit of the public schools in this State, 2 percent of the net profits made by such grantee in the operation of such electric light, heat and power lines within the county.

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2.  No right or privilege shall be exercised under the franchise until the agreement is filed.