(A) Each grantee granted a franchise pursuant to this chapter shall pay to the city, during the life of the franchise, a sum equal to 5% of its annual total gross receipts. If, during any part of the term of any franchise, a federal or state litigation is imposed on the amount of the franchise fee required hereunder, such limitation shall apply only for the time period the limitation is legally operational.
(B) Franchise fee payments by each grantee to the city shall be made periodically as set forth in each franchise. All such fees shall be paid to the City Treasurer. Franchise payments required hereunder shall be in lieu of any business license tax.
(C) In the event the preceding payments are not received by the city at the specified times, each grantee shall pay to the city, in addition to the principal sums due, interest thereon in the maximum amount then allowed by law on the unpaid balance.
(D) Each grantee shall file with the City Manager within 90 days after the expiration of each grantee's fiscal year or portion thereof during which its franchise is in force, a balance sheet and statement of profit and loss showing in detail the gross receipts, as defined herein, received by the grantee during each such fiscal year, or portion thereof. The manner of preparation of the financial reports shall be set forth in the franchise.
('83 Code, § 5.24.040) (Ord. 912, passed - -85) Penalty, see § 10.99