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A. As compensation for permission to use the streets and public ways of the village for the construction, operation, maintenance, modification, and reconstruction of a cable system, and for the village's costs in establishing a regulatory program for a grantee, a grantee shall pay to the village an annual amount equal to five percent (5%) of such grantee's annual gross revenues.
B. If at any time during the duration of a franchise agreement, the village is authorized to collect an amount in excess of five percent (5%) of the grantee's gross revenues, then the village may unilaterally amend the franchise agreement by ordinance following a public hearing on the matter, provided such amendment is competitively neutral. Such ordinance shall provide that such excess amount shall be added to the franchise fee payments to be paid by the grantee to the village. The revised franchise payment shall not take effect until at least ninety (90) days prior to the written notice from the village to the grantee of the ordinance implementing the increase in the amount of the franchise fee.
C. The franchise fee shall be paid at the office of the village clerk of the village on a calendar quarterly basis and paid within forty five (45) days after the close of the calendar quarter. Each payment made by a grantee shall be accompanied by a statement, explaining the basis for the calculation of the fee. If mailed, the fee shall be considered paid on the date it is postmarked.
D. In the event that any franchise payment is not made on or before the dates specified herein, the grantee shall pay an interest charge, computed from such due date, at the default rate specified in the franchise agreement. (Ord. 09-4-5, 4-7-2009)