§ 111.38 FRANCHISE FEE.
   (A)   For the reason that the streets of the county, Commonwealth, and cities to be used by the company in the operation of its system within the boundaries of the county are valuable public properties acquired and maintained by the county, Commonwealth, and cities at great expense to its taxpayers, and that the grant to the company to the streets is a valuable property right without which the company would be required to invest substantial capital in right-of-way costs and acquisitions, the company shall pay to the Board an amount equal to 5% of the company's gross annual revenue from all sources attributable to the operations of the company within the confines of the franchise area. In the event that the FCC lacks jurisdiction to impose a limitation on franchise fees, or that the limit is raised, then the franchise fee will be subject to renegotiation.
   (B)   This payment shall be in addition to any other tax or payment owed to the county, city, or other taxing jurisdiction by the company.
   (C)   The franchise fee and any other cost or penalties assessed shall be payable quarterly, and the company shall file a complete and accurate verified statement of all gross receipts within the county during the period for which the payment is made. The payment shall be made to the Board not later than 30 days after the expiration of each quarter year.
   (D)   In order to facilitate the initial operation of the Kenton/Boone CATV Board, the company shall pay to the Board within 30 days of the franchise award, a sum of $30,000. This sum shall be considered a pre-paid franchise fee and will be deducted from the annual franchise fee payment in equal amounts over the first ten years of system operation.
   (E)   The Board shall have the right to inspect the company's income records and the right to audit and to recompute any amounts determined to be payable under this chapter; provided, however, that such audit shall take place within 36 months following the close of each of the company's fiscal years. Any additional amount due to the Board as a result of the audit shall be paid within 30 days following written notice to the company by the Board which notice shall include a copy of the audit report.
   (F)   In the event that any franchise payment or recomputed amount, cost or penalty, is not made on or before the applicable dates heretofore specified, interest shall be charged daily from such date at the annual rate of 8% plus 5% penalty.
(Ord. 450.1, passed 12-4-80; Am. Ord. 450.5, passed 7-17-92)