(A) The grantee shall pay to the village for the use of the streets and other facilities of the village in the operation of the CTS and for the municipal supervision thereof during the life of the franchise, a sum equal to 3% of the annual gross receipts of the grantee. An additional 2% of gross receipts will be paid by the grantee for the funding of local access programming at such time as the village prepares and the Federal Communications Commission approves, a plan for the conduct, administration, and funding of public access programming in the community. The grantee shall pay the franchise payments in two semiannual payments. The grantee shall also file with the village within 45 days after the expiration of its fiscal year, during the period this franchise shall be in force, a financial statement showing in detail the gross annual receipts of grantee during the preceding year. It shall be the duty of the grantee to pay to the village at the time for filing such statement, the final balance due on the sum hereinabove prescribed. The grantee shall also file, within 90 days following the conclusion of each fiscal year of the grantee, an annual report showing the yearly total gross receipts and payments to the village and any further relevant financial information in regard to the company as may be required by the Village Manager.
(B) In the event this franchise should be terminated or forfeited prior to the end of the basic 15-year term, the grantee shall immediately submit to the village a financial statement prepared as before required, showing the gross receipts of the grantee for the time elapsed since the last period for which the grantee has paid to the village the required percentage of gross annual receipts, and the grantee shall pay to the village not later than 30 days following the termination of the franchise, a like percentage of such gross receipts.
(C) In the event that any payment is not made on or before the applicable date fixed in divisions (A) and (B) hereof, interest on such payments shall apply from such date at the yearly rate of 10%.
(D) The village shall have the right to inspect the grantee's records showing the gross receipts from which its franchise payments are computed and the right of audit and recomputation of any and all amounts paid under this franchise shall be always accorded to the village. No acceptance of any payment by the village shall be construed as a release of or an accord or satisfaction of any claim the village might have for further or additional sum payable under the terms of this chapter or for any other performance or obligation of grantee hereunder.
(E) Payments of compensation made by the grantee to the village pursuant to the provisions of this chapter shall not be considered in the nature of a tax but shall be in addition to any and all taxes which are now or hereafter required to be paid by any law of the United States, the state, or the village.
(1995 Code, § 112.05) (Ord. 79-O-20, passed 7-9-1979)