A. The franchisee shall pay to the town on a quarterly basis, a franchise fee of five percent (5%) of gross revenues received for cable television services within the town for the preceding three (3) month period, and no other fee, charge or consideration. The franchisee shall provide a quarterly report showing quarterly gross revenues received during the preceding quarter of a year. The quarterly payment shall be due within one month of the end of each succeeding quarter of the year. The payment of the franchise fee as required by this chapter shall be deemed to include any other business license, fee or tax, and no other business license fee shall be required for doing business within the town.
B. The above franchise fee shall be subject to change on a yearly basis, with any change to go into effect on July 1 of each succeeding year during the term of this franchise. (1976 Code § 5.45.110)