(A) Unless otherwise provided in a franchise agreement, every cable operator shall pay a franchise fee to the village, as established by Title 1, Chapter 20, “Fees, Fines, Insurance, Guarantees, and Regulatory Measures”, equal to an amount in relation to the cable franchisee's annual gross revenues derived from the provision of cable service within the village.
(B) Unless otherwise provided in a franchise agreement, franchise fee payments shall be payable quarterly within thirty (30) days after the end of each calendar quarter. Each quarterly franchise fee payment shall be accompanied by a verified financial statement which shall accurately present the cable operator's gross revenues derived from the provision of cable service within the village for any such calendar quarter.
(C) In addition to the quarterly financial statements provided herein, the cable franchisee shall also submit a verified annual financial statement within ninety (90) days after the end of the twelve (12) month franchise fee period which shall accurately present the cable operator's annual gross revenues for the twelve (12) month period. Any recomputed amounts due the village as a franchise fee shall be paid to the village at that time, together with interest at the rate as established by Title 1, Chapter 20, “Fees, Fines, Insurance, Guarantees, and Regulatory Measures”. Any recomputed amounts overpaid to the village as a franchise fee shall be credited against the franchise fee payment due for the next calendar quarter.
(D) The franchise grantee shall permit the village to inspect the cable operator's books and records for the purpose of auditing the operator's annual gross revenues derived from the provision of cable service within the village. Any additional amount determined to be due the village as a result of an audit shall be paid to the village within thirty (30) days, together with interest at the rate as established by Title 1, Chapter 20, “Fees, Fines, Insurance, Guarantees, and Regulatory Measures” and the audit expenses incurred by the village. (Ord. 96-2800, 7-15-1996; amd. Ord. 2021-4921, 9-20-2021)