(a) A Company shall pay to the Village for the right, privilege and franchise set forth in the Grant, an amount equal to five percent (5%) of the Gross Revenues derived from the operation of the System in the Village. Such franchise fee is to be payable quarterly within 45 days of the end of each calendar quarter based on the Gross Revenues for such calendar quarter. Each payment shall be accompanied by a statement certified by an official or representative of a Company having the requisite knowledge to make such a statement setting forth the Gross Revenues upon which the franchise fee is based.
(b) Delinquent payments shall bear interest at the allowable legal rate, with the minimum delinquency being a one (1) month interest charge.
(c) Within ninety (90) days of the end of each fiscal year of a Company, a Company shall file with the Corporate Authorities an annual report prepared in the normal course of business, the accuracy of which is verified by a duly authorized officer of the corporation, showing the financial status of a Company and the Gross Revenues of a Company for the report period.