(A) If any franchise payment or recomputed amount, cost or penalty, is not made before the applicable dates heretofore specified, interest shall be charged daily from such date at an annual rate of 12%. The grantee shall reimburse the village for any additional expenses and costs incurred by the village by reason of the delinquent payment(s).
(B) If all local franchises between the village and incumbent cable operator(s) terminate, the late filing fee, late payment fee and failure to file penalty 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.
(Ord. 863, passed 12-11-07; Ord. 1092, passed 7-24-18)