(a) Subject to applicable law, the Grantee shall pay to the Village a franchise fee in the amount of five percent (5%) of the Grantee's annual Gross Revenues (the "Franchise Fee"). The Franchise Fee shall be due and payable on March 1 of each year for the previous calendar year. The Village shall have the right to inspect, at the Grantee's business office during normal business hours, the books and financial records of the Grantee compiled in the ordinary course of business necessary to verify Franchise Fee payments. The Franchise Fee shall be deemed to reimburse the Village for the rights granted herein and for all costs or regulation and administration of the Franchise.
(b) The Village reserves the right to negotiate a separate franchise agreement for cable modem service if changes or clarifications in federal law or FCC rules provide a basis for same. (Ord. 02-016. Passed 1-13-03.)