(A) Annual franchise payment. A grantee of a franchise hereunder shall pay to the grantor an annual fee in an amount as designated in the franchise agreement, in consideration of the use of public rights-of-way. Such payment shall be in addition to any other and commence as of the effective date of the franchise. In the event of a dispute, the grantor, if it so requests, shall be furnished a statement by a certified public accountant, reflecting the total amounts of annual gross revenues and all payments, deductions, and computations for the period covered by the payment.
(B) Acceptance by grantor. No acceptance of any payment by the grantor shall be construed as a release or as an accord and satisfaction of any claim the grantor may have for further or additional sums payable as a franchise fee under this chapter or for the performance of any other obligation of the grantee.
(C) 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:
(1) An interest charge, computed from such due date, at the annual rate equal to the commercial prime interest rate in effect upon the due date; and
(2) A sum of money equal to 5% of the amount due in order to defray those additional expenses and costs incurred by the grantor by reason of delinquent payment.
(Prior Code, § 115.028) (Ord. D-1485, § 4.9, passed 6-3-1985, effective 6-13-1985)