(A) The company shall pay to the municipality for the right, privilege and franchise in connection with the grant, an amount equal to 5% of the gross revenues for the quarter year (the franchise fee) (or in the case of the first quarterly early payment, part of a quarter-year as the case may be), preceding January 1, April 1, July 1 and September 1 of each year, such payment to be payable to the municipality within 45 days of the end of the prior quarter. Each payment shall be accompanied by a certificate signed by an official or representative of the company having the requisite knowledge to make such a certificate in the form described herein certifying the gross revenues upon which the payment is based.
(B) Delinquent payments of the franchise fee shall bear interest at the rate of 1½% per month with the minimum delinquency being a 1-month interest charge.
(C) Upon termination of the grant at the expiration of the term provided in § 116.20(B), or otherwise, the company shall continue to make the quarter-yearly statements and certifications as provided in this section until such time as all payments due the municipality under this chapter have been paid and accounted for to the reasonable satisfaction of the municipality.
(D) The company shall cause to be provided, on or before April 15 of each year, an audit of the gross receipts of the company for purposes of verifying the accuracy of the payments of franchise fees paid to the municipalities for the preceding year ending December 31. The audit shall be at the expense of the company, shall not be passed on to the subscriber, and shall be prepared by certified public accountants who are independent of the company or its affiliates. The municipalities shall be notified on or before January 1, 1994, of the name of the audit firm assigned to prepare the audit.
(Ord. 1416, passed 5-25-1993)