(a) The company shall pay 5% of its gross receipts to the township or, in the alternative, the maximum percentage allowed by the Federal Communications Commission, not exceeding 5% of the gross receipts.
(b) The company shall file with the township, within 90 days of the expiration of any fiscal year during which a franchise is in force, financial statements certified by an independent accountant in accordance with the Statement on Auditing Standards No. 14, as issued by the Auditing Standards Executive Committee of the American Institute of Certified Public Accountants. Such statements shall not contain an adverse or disclaimer of opinion. The auditors’ opinion shall contain assurance that the company is in compliance with the financial provisions of this chapter. In addition to the normal adherence for applying audit procedures, the auditors shall perform such work as may be necessary to satisfy themselves that gross revenues, as defined, are properly stated. Also, they shall express an opinion on the monthly reports required by this chapter.
(c) The company is required to file monthly reports within 15 days of the end of a month, which reports present earned revenue. On a monthly basis, the company shall pay 90% of the fees to the township at the time it files each monthly earned revenue report in accordance with this chapter. Each successive month shall include the previous month’s 10%. Any noncompliance with this section shall permit the Township Secretary, or the township’s authorized representative, to examine, or have examined, the books and records of the company to assure compliance with the provisions of this chapter, such cost to be paid by the company. Noncompliance with this section shall result in a 5% penalty on moneys due for that month.
(d) The company shall keep on file with the township a current list of its stockholders, bondholders and the holdings thereof.
(Ord. 474, passed 9-20-1978)