(A) Payments to the grantor.
(1) As compensation for any franchise to be granted, and in consideration of permission to use the streets and public ways of the grantor for the construction, operation, maintenance and reconstruction of a cable communications system, the grantee shall pay to the grantor such amounts as specified in the franchise.
(2) Payments due the grantor under this provision shall be computed annually for the preceding year, and shall be paid within 45 days of the close of each calendar year. The payment shall be accompanied by a report showing the basis for the computation and such other relevant facts as may be required by the grantor to determine the accuracy of a said payment.
(B) Failure to make required payment. In the event that any franchise payment or recomputed amount is not made on or before the dates specified herein, the grantee shall pay as additional compensation an interest charge, computed from such due date, at the annual rate equal to the prevailing commercial prime interest rate in effect upon the due date.
(2009 Code, § 8-1-6) (Ord. 93-5, passed 4-11-1993)