(A) A request for rate adjustment may be made annually on the anniversary date of the execution of the franchise agreement by both parties. Rate adjustment applications shall be filed by the franchisee 30 days prior to the anniversary date to provide adequate time for consideration by the Board of Commissioners. Rate adjustments may be sought for all reasonable grounds. If approved by Kill Devil Hills Board of Commissioners in an open meeting, a rate adjustment shall not be effective until at least 30 days from date of approval in order for the franchisee to give all clients a minimum 30 day notice of the approved rate adjustment.
(B) If a rate adjustment is sought pursuant to this subchapter, the Town Administrator or Commissioners may require the franchisee to provide a financial audit for the previous year of operations. The audit shall be completed according to generally accepted accounting principles and shall be at no cost to the town. The auditor shall be chosen by Kill Devil Hills with the concurrence of the franchisee. The franchisee shall be entitled to recover the reasonable costs of the audit through the franchisee's rates.
(Ord. 08-14, passed 4-14-08)