The grantee shall pay to the franchising authority a franchise fee equal to 5% of gross revenues received by the grantee from the operation of the cable system. Franchise fee payments due to the franchising authority under this section shall be computed semi-annually, for the purpose of the franchise fee payment computation the applicable accounting period shall be a calendar year, unless otherwise agreed to in writing by the franchising authority and the grantee. The semi-annual franchise fee payments shall be due and payable 90 days after the close of the preceding six months. Each payment shall be accompanied by a brief report showing the basis for the computation. In no event shall the franchise fee payments required to be paid by the grantee exceed 5% of gross revenues received by the grantee in any 12-month period. However, in the event that state or federal law would authorize the franchising authority to receive a franchise fee in excess of 5% of the grantee's gross revenues, the franchising authority may request an increase in the franchise fee not to exceed any statutory restrictions.
(Ord. 617, passed 7-1-1985)