A. Definition: "Gross revenue", as used in this section, shall be construed to mean any revenue of the grantee derived from the sale and use of natural gas, telephone service, or cable television within the town, after adjustment for write off of the uncollectible accounts and corrections of bills theretofore rendered.
B. Franchise Fee: The grantee of any franchise to furnish natural gas, telephone service, or cable television in the town shall pay a franchise fee equal to one percent (1%) of the gross revenue derived from customers within the corporate limits of the town during each calendar year.
C. Quarterly Reports; Payment:
1. Filing: Within forty five (45) days after the close of each quarter in each calendar year, the grantee shall file with the town clerk a report of the gross revenues for the quarter.
2. Contents: The report shall contain a statement of gross revenues and any deductions made because of adjustments or corrections, together with a computation of the tax to be paid.
3. Payment: Coincidentally with the filing of the report, the grantee shall pay to the town clerk the amount of the tax thus computed.
4. Review By Clerk; Errors: Within thirty (30) days after the filing of the report, or within such reasonable additional time as he may request, the town clerk shall examine the report, determine the accuracy of the amounts reported, and, if he finds any errors, report them to the grantee for correction.
5. Deficient/Excessive Payment: If the tax as paid be found deficient, the grantee shall promptly remit the difference, and if the tax as paid be found excessive, the town shall promptly refund the difference.
6. Inspection Of Records: The records of the grantee pertaining to such report shall be open for inspection by the town council or its representative at all reasonable hours for the purpose of verifying the report.
D. Taxes: The franchise fee as provided herein shall be in lieu of all other license taxes, occupation taxes and franchise taxes. However, the franchise fee shall not be deemed to preclude the assessment of general property taxes or special assessments for local improvements. (1987 Code § 5.04.130)