A. Annual franchise payment. A grantee of a franchise hereunder shall pay to the Grantor an annual fee in an amount as designated in the Franchise Agreement. Such payment shall commence as of the effective date of the franchise or any renewal date. The Grantor, on an annual basis, shall be furnished a statement within sixty (60) days of the close of the calendar year, either audited and certified by an independent Certified Public Accountant or certified by a financial officer of the Grantee, reflecting the total amounts of gross receipts and all payments, deductions and computations for the period covered by the payment. Upon ten (10) days prior written notice, the Grantor shall have the right to conduct an independent audit of the Grantee's records, in accordance with Generally Accepted Accounting Procedures, and if such audit indicates a franchise fee underpayment of two percent (2%) or more, the Grantee shall assume all reasonable costs of such an audit.
B. Acceptance by grantor. No acceptance of any payment by the Grantor shall be construed as a release or as an accord and satisfaction of any claim the Grantor may have for further or additional sums payable as a franchise fee under this Chapter or for the performance of any other obligation of the Grantee.
1. An interest charge, computed from such due date, at an annual rate equal to the average rate of return on invested funds of the City during the period for which payment was due.
2. If the payment is late by forty-five (45) days or more, a sum of money equal to five percent (5%) of the amount due in order to defray those additional expenses and costs incurred by the Grantor by reason of delinquent payment.
C. Franchise fee payments shall be made in accordance with the schedule indicated in the Franchise Agreement.
D. Any Grantee "pass through" or itemization of franchise fee costs on subscribers' bills shall be in accordance with Federal law.
('65 Code, § 35B-3(m)) (Ord. No. 87-021 § 1; Ord. No. 2001-009 § 1)