Any state video franchise holder operating within the city shall remit a franchise fee to the city in the amount equal to 5% of the gross revenues of the state video franchise holder derived from the operation of its franchise within the city in compliance with Cal. Public Utilities Code §§ 5840(q) and 5860.
   (A)   A state video franchise holder shall pay the franchise fee to the city quarterly, within 45-days after the end of each calendar quarter.
   (B)   Each payment shall be accompanied by a summary explaining the basis for the calculation of the fee.
   (C)   Pursuant to Cal. Public Utilities Code § 5860(h) if the franchise holder does not pay the franchise fee when due, the franchise holder shall pay a late payment charge at a rate per year equal to the highest prime lending rate during the period of delinquency, plus 1%.
(Ord. 2018-004, passed 3-27-18)