The following fees are required for each license granted under the authority of this chapter.
(A) Application fee. Each application for a license to be granted under the authority of this chapter shall be accompanied by a non-refundable filing fee in the amount of $1,250 by certified or cashier’s check made payable to the town.
(B) License fee. Each licensee shall pay to the town an amount equal to 3% of licensee’s gross revenues from all sources attributable to the operations of the licensee pursuant to this chapter and the license agreement.
(1) This payment shall be computed quarterly, for the preceding quarter, as of March 31, June 30, September 30 and December 31 of each year. Each quarterly payment shall be due and payable no later than 30 days after the relevant computation date. Each payment shall be accompanied by a financial report showing in detail the gross revenues of the licensee related to that quarter.
(2) The licensee fee shall be treated as a cost of operation and shall not be recovered as a chargeable cost to subscribers.
(C) Performance bond. Within 30 days after the execution of the license agreement, the licensee shall file with the town a performance bond for the benefit of the town in the amount of $25,000. In the event that licensee fails to comply with any provision of this chapter or the license agreement, then there shall be recoverable jointly and severally from the principal and surety any and all damages or costs suffered by the town. These damages or costs shall include, but not be limited to, attorney’s fees, cost of any action or proceeding and including the full amount of any compensation indemnification, cost of removal or abandonment of any property or other costs due and owing the town up to the full amount of such bond.
(1) The bond shall be maintained in full as a continuing obligation during the entire term of the license agreement.
(2) The bond shall be issued by a surety company authorized to do business in the state and shall be in a form approved by the Town Attorney.
(D) Security fund. Within 30 days after written notification of the award of license by the town, the selected applicant shall deposit with the Finance Director of the town, and maintain on deposit throughout the term of the license agreement, a security fund in the sum of $2,000 as security for the faithful performance by licensee of all provisions of this chapter and compliance with all orders, permits and directions of any department of the town.
(1) Within 15 days after written notice to licensee by the town that the town has withdrawn any amount from the security fund, licensee shall deposit or pay to the Finance Director a sum of money sufficient to restore such security fund to the original amount of $2,000.
(2) Failure to maintain the security fund as required shall constitute a violation of the provisions of this chapter.
(Prior Code, § 14-1-9)