(A) Grantee shall pay to the grantor annually an amount equal to 5% of the gross revenues for such calendar year, transmitted by electronic funds transfer to a bank account designated by grantor.
(B) Each year during which the franchise is in force, grantee shall pay grantor no later than 90 days after the end of each calendar year the franchise fees required by this section, together with a financial statement showing total gross revenues derived from the cable system during such year. The grantor shall have the right to review the previous year’s books of the grantee to the extent necessary to ensure proper payment of the fees payable hereunder.
(Prior Code, § 13.04.130) (Ord. 2019-11, passed 9-16-2019)