(A) The company shall pay to the city, for and in consideration of the right and privilege to conduct CATV operations pursuant to this franchise agreement, an annual franchise fee in an amount equal to 5% of its annual gross subscriber revenues received by it from operations conducted within the city.
(B) Payments due the city under the terms of this chapter shall be computed quarterly as of March 31, June 30, September 30, and December 31 for the preceding quarter and shall be paid on or before the thirtieth calendar day from each computation date at the office of the Clerk-Treasurer during his regular business hours. The city and the authority shall be furnished a statement with each payment, certified as correct by the franchisee, reflecting the total amount of gross subscriber revenues, for the three months' payment period covered by the payment.
(C) No acceptance of any payment shall be construed as a release or as an accord and satisfaction of any claim the city may have for further or additional sums payable as a franchise fee under this chapter or for the performance of any other obligation hereunder.
(D) Failure to pay any fees required by this section shall result in an automatic suspension of the franchise granted, and reinstatement thereof may be had only upon resolution by the Common Council and payment of the delinquent fee or fees plus any reasonable interest or any penalties that may be required.
(Ord. 2-1976, passed 8-2-76; Am. Ord. 14-1977, passed 8-1-77; Am. Ord. 3-1993, passed 4-19-93)