(A) Franchise fee. The grantee shall pay to the franchising authority a franchise fee equal to 5% of gross revenues received by the grantee from the operation of the cable system on an annual basis. The franchise fee payment shall be due and payable 60 days after the close of the preceding calendar year. Each payment shall be accompanied by a brief report from a representative of the grantee showing the basis for the computation.
(B) Renewal of franchise. The franchising authority and the grantee agree that any proceedings undertaken by the franchising authority that relate to the renewal of the grantee's franchise shall be governed by and comply with the provisions of the Cable Communications Policy Act of 1984, as amended.
(C) Transfer of franchise. The grantee's right, title, or interest in the franchise shall not be sold, transferred, assigned, or otherwise encumbered, other than to an entity controlling, controlled by, or under common control with the grantee, without the prior consent of the franchising authority, such consent not to be unreasonably withheld. No such consent shall be required, however, for a transfer in trust, by mortgage, by other hypothecation, or by assignment of any rights, title, or interest of the grantee in the franchise or cable system in order to secure indebtedness.
(Ord. 1987-14, passed 10-5-87; Am. Ord. 2003-18, passed 10-5-03)