The company shall pay to the town, for and in consideration of the right and privilege to conduct cable television operations pursuant to this franchise, an annual fee in an amount equal to 3% of its annual gross subscriber revenues derived from its cable television operations in the town, with each year's fee due and payable to the Town Clerk-Treasurer by January 31 for the preceding calendar year. In the event of revocation or termination of this franchise, the first annual fee payment shall be prorated from the immediately preceding January 1 to the date of termination of service.
('85 Code, § 4-7-23) (Ord. 1980-1, passed 7-9-80; Am. Ord., passed 3-9-83)