(a) The Company shall pay to the City for the right, privilege and franchise in connection with the grant, an amount equal to three percent (3%) of the Company's gross monthly subscriber service revenues, less unpaid monthly subscriber service charges, but including any annual or periodic prepayment of monthly service charges, for the Company's previous fiscal year.
(b) It shall be the obligation of the Grantee to make provisional quarterly payments to the City based on the quarterly earnings for the next prior quarter and such quarterly payments will be adjusted in accordance with the financial statement required to be made within ninety days of the expiration of each calendar year.
(c) The Company shall file within ninety days following the conclusion of each fiscal year of the Company a certified annual report prepared by an independent Certified Public Accountant acceptable to the City showing the annual total of monthly gross subscriber revenues and payments to the City and further relevant financial information in regard to the Company as may be required by the City.
(d) The Company hereby guarantees that at all times the total monthly charges to City subscribers, specifically the total of rates plus franchise fees, shall be at least two percent (2%) lower than total rates plus franchise fees paid in any Cox Cable Cleveland Area, Inc. franchise municipality that has a five percent (5%) franchise fee.
(Ord. 91-102. Passed 10-21-91.)