(A) Payment of the franchise fee shall be made quarterly at the Village Treasurer's office. Each payment shall be accompanied by a financial statement in a standard form, approved by the Village Treasurer, setting forth the basis for the computation and specifically showing the gross revenues attributable to the franchise during the preceding quarter, as well as such other relevant facts as may be required by the village.
(B) Each quarterly payment and accompanying financial statement shall be filed in the Village Treasurer's office within 20 days after the last day of the quarter for which the payment is due.
(C) A franchisee shall file, within 120 days of the close of the franchisee's fiscal year, an annual report audited by a certified public accountant of the annual gross revenues attributable to a franchisee's cable communications operation in the village as well as such other items of information as may be required of a franchisee. This requirement may be modified by the Village Council in appropriate circumstances. Extension of such period up to 30 additional days may be granted by the Village Council upon request by a franchisee.
(D) The village shall have the right to inspect a franchisee's financial records, such records to be kept or made available within the village, and the rights of audit and recomputation of any amounts that may be determined to be payable under this chapter. Any additional amount due the village as a result of the audit shall be paid within 30 days following written notice to a franchisee by the village, which notice shall include a copy of the audit report. The cost of the village’s audit shall be borne by a franchisee if it is properly determined that a franchisee's annual payments to the village for the preceding year are increased thereby by more than 3%.
(E) If any franchise fee payment or recomputed amount is not made on or before the applicable due date, a late payment fee of $250 and a monthly service charge of 1.8% of the total unpaid amount shall be paid to the village by the franchisee.
(F) No acceptance of any payment by the village shall be construed as a release or as an accord and satisfaction of any claim the village may have for further or additional sums payable as a franchise fee under this chapter or for the performance of any other obligation of a franchisee.
(Ord. passed - -)