(A) In consideration of occupying or using the public ways under this subchapter, the grantee shall pay to township a rental equal to 5% of gross revenue.
(B) The rental shall be assessed on a calendar quarterly basis and shall be payable to the township no later than 45 days after the expiration of the calendar quarter for which payment is due. The grantee shall file with the township a complete and accurate statement, under notarial seal, at the end of each calendar year quarter certified as true and correct by a representative of the grantee, authorized to make such certification, explaining how the payment was calculated. In connection with the rental payment due on February 14, the grantee shall also submit to the township, on that date or no later than six months thereafter, a detailed statement by an officer of the grantee certified by the grantee’s independent certified public accountant verifying the accuracy of the gross revenue and rental payments for the previous calendar year, with a detailed breakdown and explanation of the calculation by each month.
(C) (1) The grantee shall keep accurate books of account which shall clearly support the calculation of rentals and describe in sufficient detail the amounts attributable to each specific component of gross revenue. Such books of account and all supplemental information and source documents in support thereof including, but not limited to, third party remittances and contract documents, shall be made available to the township and its authorized representatives for examination at a location in the county, at any time during regular business hours on ten days’ prior written notice and from time to time for the purpose of verifying or identifying rentals owed to the township. The grantee shall exercise its best efforts to obtain financial records of affiliates for the township for the purpose of verifying the accuracy of the rental payments.
(2) The township shall have the right to examine and to recompute any amounts determined to be payable under this subchapter; provided, however, that such examination shall take place within 48 months following the close of each year. Any additional amount due to township as a result of the examination and recomputation shall be paid within 30 days following written notice to the grantee by the township, which notice shall include a copy of the examination report. In the event that said examination determines that funds are owed to the township in an amount in excess of 2%, the cost of said examination shall be borne by the grantee and reimbursed to township within 30 days following written notice to the grantee.
(D) In the event that any rental or other payment is not made or the requisite documentation and certification is not provided on or before the applicable dates heretofore specified, interest shall be compounded daily and set at the one-year United States treasury bill rate existent on the date payment was due, plus three percentage points. Any amount recomputed to reflect correct payment due shall bear interest as described from the date such payment was originally due.
(Ord. 166, passed 11-9-2005) Penalty, see § 53.99