(A) Upon the acceptance of a franchise and in consideration of the rights and privileges granted thereunder, the grantee shall pay to the town an initial franchise fee equal to an amount set by Council from time to time per month for each month or major fraction of a month remaining between the date of acceptance of the franchise and the next June 30 or 3% of the initial year’s gross subscriber revenues, whichever is greater, thereafter, during the life of the franchise, the grantee shall pay to the town on or before August 1 each year a franchise fee to cover the preceding 12-month period, commencing July 1 and terminating the following June 30; the amount of said franchise fee to be three percent of the grantee’s gross subscriber revenues derived from its operation in the town’s corporate limits for the grantee’s most recent ending fiscal year.
(1) The fee for the last year of the grantee’s franchise shall be computed on the same basis, even though the term of the franchise is due to expire during the year.
(2) Within 120 days after the expiration of the grantee’s fiscal year, the grantee shall file with the town a financial statement prepared by a independent certified public accountant, or other person satisfactory to the town, showing in detail the gross subscriber revenues herein of grantee during such fiscal year. The payment of this fee is in addition to any ad valorem taxes which the town may be entitled to receive by reason of the existence of grantee’s real and 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 subscriber revenues from which these payments are computed and the right to audit and re-computation of any and all amounts under this chapter. Acceptance of payment hereunder 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 obligation hereunder.
(B) In the event of 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 said period.
(Ord. passed 5-9-1983)