(A) For the reason that the streets to be used by the Grantee in the operation of its cable communications system within the boundaries of the city are valuable public properties acquired and maintained by the city at great expense to its taxpayers, and that the grant to the Grantee of the right to use the streets is a valuable property right without which the Grantee would be required to invest substantial capital in right-of-way costs and acquisitions, and because the city will incur costs in regulating and administering the franchise, and at the option of the Council, the city may make available a portion of the franchise fee to further the development of public and community uses of cable TV, a Grantee shall pay to the city an amount equal to 5% of the Grantee's annual gross revenues.
(B) The city may by franchise agreement increase the effective percentage rate or rates applicable to a particular Grantee.
(C) The franchise fee and any other cost or penalties assessed shall be payable quarterly to the City Treasurer, in accordance with the Grantee's fiscal year. The Grantee shall file a complete and accurate verified statement of all gross revenues during the period for which a quarterly payment is made, and the payment shall be made to the city not later than 30 days after the expiration of each quarter.
(D) The city shall have the right to inspect and audit the Grantee's records to recompute any amounts determined to be payable under this chapter; provided, however, that the audit shall take place within 36 months following the close of each of the Grantee's fiscal years. Any additional amount due to the city as a result of the audit shall be paid within 30 days following written notice to the Grantee by the city (which notice shall include a copy of the audit report), unless contested by the Grantee within those 30 days.
(E) In the event that any franchise fee payment or recompute amount, cost, or penalty, is not made on or before the applicable dates heretofore specified, interest shall be charged dally from the date at the annual rate of either 12% or the current prime interest rate, whichever is greater.
(‘83 Code, § 123.09) (Ord. 82-036, passed 6-21-82; Am. Ord. 96-003, passed 4-1-96) Penalty, see § 121.99