(A) The franchise fees and any other costs or penalties assessed by the village against a franchisee or any other person shall be paid quarterly to the village and shall commence as of the effective date of a franchise. The village shall be furnished at the time of each payment with a statement certified by the franchisee’s or other person’s respective chief financial officer or an independent certified public accountant reflecting the total amount of gross revenues for the payment period. Payments shall be made to the village no later than 30 days following the end of each calendar quarter.
(B) In the event any franchise fee or other payment is not made on or before the date specified herein, the franchisee and any other person shall pay interest charges computed from the due date, at an annual rate equal to the commercial prime interest rate of the village’s primary depository bank during the period the unpaid amount is owed, plus 2% of the amount due to defray the village’s additional expenses by reason of the delinquency.
(`92 Code, § 8-1-95) (Ord. 96-19, passed 10-2-96)