(A) Payment to City. For and in full consideration of the granting of this Franchise as described in § 13-4-8-5, Grantee shall pay the City a franchise fee in an amount equal to 3% of Gross Revenues.
(B) Generally Accepted Accounting Principles apply. Records of system revenues and expenses shall be kept in accordance with Generally Accepted Accounting Principles (GAAP). An item which would be a revenue applying GAAP principles shall be revenue for purposes of calculating the franchise fee.
(C) Not in lieu of any other assessments, tax or fee. The franchise fee is in addition to all other fees, assessments, taxes or payments of general applicability that the Grantee may be required to pay under any federal, state, or local law.
(D) Payments. Commencing the month following the month this Franchise becomes effective, the fee shall be paid monthly by the 25th day of each month; such fee shall be for gross revenues received by the Grantee for the preceding month during the term of this Franchise. The Grantee shall furnish to the City with each payment of compensation required by this section, a detailed written statement showing the amount of gross revenue received by the Grantee within the City limit, broken out by Grantee's revenue accounts, for the period covered by the payment. Within such reasonable time as he/she may require, the Treasurer shall determine the accuracy of the amounts reported. However, neither payment of the fee nor failure to make such investigation shall stop the City in any way or prevent subsequent investigation, collection or return of any amount properly due and not barred by any applicable statute of limitations.
(E) No accord or satisfaction. No acceptance of any payment by the City shall be construed as a release or an accord and satisfaction of any claim the City may have for further or additional sums payable as a franchise fee or for the performance of any other obligation of the Grantee.
(F) Payment records. The City may, from time to time, and upon reasonable advance written notice, inspect and audit, at its own cost, any and all books and records to determine whether gross revenues and franchise fees have been accurately computed and paid. In the event the City reviews the Grantee's franchise fee payments, and finds that the Grantee has underpaid the fee owed for any year, Grantee will become immediately responsible for such payment plus interest, retroactive to the date such payment originally was due, equal to the current prime rate published in the Wall Street Journal. In the event that City or Grantee finds that Grantee has overpaid the fee paid for any year, City will become immediately responsible for refunding to Grantee the overpayment amount, plus interest at the rate specified above, retroactive to the date such overpayment was made.
(Ord. 2-2003)