A. A grantee shall pay to the village a franchise fee in the amount designated in the franchise agreement. Unless otherwise specified in the franchise agreement, such franchise fee shall be five percent (5%) of the grantee's gross revenues. If the statutory five percent (5%) limitation on franchise fees is raised or the federal statute deletes the franchise fee limitation entirely, then the franchise fee may be subject to renegotiation.
B. The franchise fee payment shall be in addition to any other tax or payment owed to the village by the grantee and shall not be construed as payment in lieu of municipal property taxes or other state, county or local taxes.
C. The franchise fee and any other penalties assessed shall be payable quarterly on a calendar year basis to the village within sixty (60) days of the end of each quarter. The grantee shall also file a complete and accurate verified statement of all gross receipts as previously defined within sixty (60) days after the end of the quarter.
D. The village shall have the right to inspect the grantee's income records and the right to audit and to recompute any amounts determined to be payable under this chapter; provided, however, that such audit shall take place within sixty (60) months following the close of each of the grantee's fiscal years. Any additional amount due the village as a result of an audit shall be paid within thirty (30) days following written notice to the grantee by the village, which notice shall include a copy of the audit report, except where grantee may reasonably dispute such an amount.
E. If any franchise payment or recomputed amount, or penalty, is not made on or before the applicable dates heretofore specified, interest shall be charged daily from such date at an annual rate of eighteen percent (18%). (Ord. 1021, 8-12-1998)