Within 60 days after the close of its first fiscal year after acceptance of a franchise, and each succeeding fiscal year thereafter during the life of the franchise, the grantee shall pay to the town for the privilege of constructing, operating and maintaining the CATV system as defined in § 113.02, and for the privilege of providing the CATV service as defined in § 113.02 during the preceding fiscal year, a sum equal to that percentage of its gross annual receipts during that fiscal year as is determined from time to time by Mayor and Council, which sum shall never exceed the maximum sum allowed by federal and state regulatory agencies for those privileges. Within 45 days after the expiration of the grantee's fiscal year, the grantee shall file with the town a financial statement prepared by a certified public accountant, or other person satisfactory to the Council, showing in detail the gross annual receipts of the grantee during the fiscal year. The payment of this fee is in addition to any ad valorem taxes which the town may levy on the grantee's real or personal property. At any time during the three fiscal years following the payment of the annual fee, the town shall have the right to inspect the grantee's records showing the gross annual receipts from which these payments are computed and the right of audit and recomputation of any and all amounts under this chapter. Acceptance of payments under this chapter shall not be construed as a release or as an accord and satisfaction of any claim the town may have for further or additional sums payable under this chapter or for the performance of any other obligations under this chapter. Upon holding over after expiration or other termination of any franchise granted hereunder, without the consent of the town, the grantee shall pay to the town reasonable compensation and damages, of not less than 100% of its total gross profits during that period.
(1995 Code, § 16-10)