As compensation for the authorization granted pursuant to this chapter and in consideration for permission to use the easements which the town controls for the construction, operation and maintenance of a CATV system within the town, the franchisee shall pay to the town quarterly, on or before the first day of July, October, January and April for the preceding quarter, an amount equal to 3% of the gross revenues. This payment shall be in addition to any other fees or payments made to the town by the franchisee, as pole rental, business licenses and other fees not based on gross revenues. Should the FCC regulations be amended in the future to allow the town to receive a fee from its franchisee from other than the previously mentioned revenues, the franchisee shall immediately commence making the additional payments to the town as are authorized to the full extent of the authorization. Payment shall be accompanied by a certified report showing the basis for the computation and the other relevant facts as may be required by the Board. No acceptance of any payment shall be construed as an accord that the amount paid is, in fact, the correct amount, nor shall the acceptance of payment be construed as a release of any claim the town may have for further or additional sums payable under the provisions of this chapter. All amounts paid shall be subject to recomputation by the town within 60 days of the receipt of the franchisee’s annual report. This time limitation shall not apply should the franchisee provide false or erroneous information. In the event that recomputation results in additional revenue to be paid to the town, the amount shall be subject to an interest charge at the highest rate permitted by law. Nothing in this provision shall limit the franchisee’s liability to pay other local taxes and charges.
(Prior Code, § 4.1-12) (Ord. passed 9-19-1979)