(A) The franchise fee and PEG fee shall be remitted to the city on a quarterly basis within 45 days after the end of each quarter for that calendar year. Each payment shall be accompanied by a detailed summary explaining the basis for the calculation of the franchise fee and PEG fee.
(B) If a state video franchise holder fails to pay the fees when due, or underpays the proper amounts due, the state video franchise holder shall pay a late payment charge at the annual interest rate equal to the highest prime lending rate during the period of delinquency, plus 1%. If the state video franchise holder has overpaid the fees, it may deduct the overpayment from its next quarterly payment.
(C) Not more than once annually, the city may examine the business records of a state video franchise holder to ensure compliance with all applicable statutes and regulations related to the computation and payment of franchise fees.
(Ord. 1579, passed 11-17-10)