§ 111.058 FRANCHISE FEES.
   (A)   Unless a grantee’s franchise agreement specifically sets forth a different basis for determining the amount of franchise fees, or a different percentage amount, each grantee shall pay to the town government an amount equal to 5% per year of the grantee’s annual gross revenue.
   (B)   No acceptance of any payment shall be construed as an accord that the amount paid is, in fact, the correct amount, nor shall the acceptance of payment be construed as a release of any claim which the town government may have for further or additional sums payable under the provisions of this section or the terms of the franchise agreement.
   (C)   Any franchise fees which remain unpaid after the dates specified in the franchise agreement shall be delinquent and shall thereafter accrue interest at an annual rate of 8% until paid.
   (D)   Not less than annually, the grantee shall provide the Town Council with a report provided by an independent certified public accountant certifying the accuracy of the franchise fee payments paid within the preceding 12 months. The certification shall be prepared in accordance with generally accepted accounting standards as established by the Financial Accounting Standards Board (FASB).
(2011 Code, § 111.053) (Ord. 2000-4, passed 7-17-2000)