In the event that a Franchise Fee payment is not received by the City on or before the due date set forth herein, or is underpaid (except for Franchise Fees placed in an escrow fund pursuant to Section 11.26 above), the Person subject to the fee will be charged interest on the amount due from the due date at an interest rate equal to 1.5% per month, compounded on an annual basis. A Person's failure to (a) place any disputed amount of Franchise Fees in an escrow fund pursuant to Section 11.26 above; or (b) make two successive quarterly Franchise Fee payments to the City shall constitute a Material Breach of Grantee's Franchise.
(Added by Ord. 58-00, File No. 000198, App. 4/7/2000)