(A) In consideration of the rights, privileges and franchise hereby granted, and as compensation to the city for the use of its public ways and places by the grantee, and to properly regulate the activities of the grantee, the grantee shall, on or before the last day of January and the last day of July of each year to which this franchise is effective, pay to the city a sum equal to 3% of the gross subscriber revenues for basic cable television service within the then existing corporate limits of the city for the preceding six-month period ending on the last day of December and the last day of June, respectively.
(B) The books of the grantee shall be open to inspection by the city at all reasonable times to verify the accuracy of the computation and correctness of the report which shall accompany payment. The grantee shall keep books and records pursuant to established practices using generally accepted auditing procedures.
(Ord. 310, passed 6-18-1982)