A. The company shall pay to the municipality for the right, privilege and franchise in connection with the grant an amount equal to three percent (3%) of the gross revenues for the quarter-year (or in the case of the first quarter-yearly payment, part of 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 on or before the fifteenth day of the month following the end of the quarter. Each payment shall be accompanied by a statement under oath from an official or representative of the company having the requisite knowledge to make such a statement certifying the gross revenues upon which the payment is based. The municipality reserves the right at any time to increase or decrease this percentage in compliance with applicable law. The company may, on the effective date of any such increase or decrease, increase or decrease its monthly charges for system services by the amount of such increase or decrease.
B. Delinquent payments shall bear interest at the rate of one percent (1%) per month with the minimum delinquency being a one month interest charge.
C. Within ninety (90) days of the end of each fiscal year of the company, the company shall file with the corporate authorities an annual report prepared by an independent certified public accountant, to be selected by the company and approved by the corporate authorities, showing the financial status of the company, total revenues of the company from the system for the report period.
D. Upon termination of the grant at the expiration of the term provided in subsection 7-4-3B of this chapter or otherwise, the company shall continue to make the quarter-yearly statements and certifications and the annual reports 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. (Ord. 1000, 4-8-1985; amd. Ord. 1019, 11-25-1985)