(A) Audit requirement. The village shall have the right to inspect the grantee's income records and the right to audit and to recompute any amounts determined to be payable under this subchapter; provided, however, that such audit shall take place within 60 months following the close of each of the grantee's fiscal years.
(B) Additional payments. Any additional amount due the village as a result of an audit shall be paid within 30 days following written notice to the grantee by the village, which notice shall include a copy of the audit report.
(C) The grantee shall file annually with the village no later than 120 days after the end of the grantee's fiscal year, a copy of a gross revenues statement certified by an officer of the grantee.
(D) If all local franchises between the village and incumbent cable operator(s) terminate, the audit requirements shall be those adopted by the village pursuant to the Local Government Taxpayers' Bill of Rights Act, ILCS Ch. 50, Act 45, §§ 1 et seq. No acceptance of amounts remitted should be construed as an accord that the amounts are correct.
(Ord. 863, passed 12-11-07; Ord. 1092, passed 7-24-18)