(A) Audit. Subject to the terms and conditions of the MOU, the City shall have the right to review or audit all books and records of the Authority in accordance with generally accepted accounting and auditing principles, in the United States, regarding any amounts which may be paid under this franchise ordinance but shall not have the right, pursuant to the MOU, to change or otherwise redetermine the revenue components comprising the franchise fee base, so long as the Authority has not altered the revenue components of the franchise fee base. This right includes the right to review and audit all books and records of revenue not included in the calculation of the fee paid, but which may be considered by the City to be subject to a franchise fee. The City shall give written notice to the Authority of any additional amount claimed to be due to the City as a result of any audit or review. The additional amount due, if any, shall be paid within 30 days following determination that such amount is due and payable.
(B) Record keeping. Subject to the terms and conditions of the MOU, the Authority shall keep complete and accurate books and records of its business and operations pursuant to this franchise in accordance with generally accepted accounting principles in the United States. The Authority and City agree that Authority records shall be kept on a City- specific basis for purposes of calculating franchise fees. All such books, records and accounts shall be retained for a period of six years in accordance with Section 37-1-3 NMSA 1978. The Authority shall make such records as are necessary to complete an audit available for inspection by the City at its principle place of business upon thirty days notice.
(Ord. 27-2006)