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The grantor shall pay to the City, on or before March 31 of each year, a three percent (3%) franchise fee based on gross subscriber revenue received for CATV operations in the City for the preceding calendar year. Council may, however, by ordinance, impose a fee in excess of three percent (3%) but no more than five percent (5%) of gross subscriber revenues received from CATV operation in the City provided that the F.C.C. certifies, after appropriate showing is made by the grantee, that a franchise fee in excess of three percent (3%) but no greater than five percent (5%) will not interfere with the effectuation of federal regulatory goals in the field of CATV; and after appropriate showings made by Council that the franchise fee in excess of three percent (3%) but no greater than five percent (5%) is appropriate in light of the City's planned regulatory program for CATV.
(a) A grantee shall also file within ninety days following the conclusion of each fiscal year of a grantee a financial report acceptable to the City showing the yearly total gross subscriber revenues and payments to the City and any further relevant financial information in regard to the company as may be required by the City.
(b) In the event the franchise should be terminated or forfeited prior to the end of the term, grantee shall immediately submit to the City a financial statement prepared as before required, showing the gross subscriber revenues of grantee for the time elapsed since the last period for which grantee has paid to the City the required percentage of gross annual subscriber revenues, and grantee shall pay to the City not later than thirty days following the termination of the franchise, a like percentage of such revenues and any other sums legally due and owing to the City.
(c) In the event that any payment is not made on or before the applicable date fixed in subsections (a) and (b) hereof, interest on such payments shall apply from such date at the yearly rate of eight percent (8%). Provided, however, that if any payment is more than sixty days overdue, the City shall have the option to revoke upon thirty days notice in writing.
(d) The City shall have the right to inspect grantee's records showing the gross receipts from which its franchise payments are computed and shall have the right of audit and recomputation of any and all amounts paid under the franchise. No acceptance of any payment by the City shall be construed a release of or an accord or satisfaction of any claim the City might have for further or additional sums payable under the terms of this chapter or for any other performance or obligation of grantee hereunder.
(e) Payments of compensation made by grantee to the City pursuant to the provisions of this chapter shall not be considered in the nature of a tax but shall be in addition to any and all taxes which are now or hereafter required to be paid by any law of the United States, the State of Ohio or the City.
(Ord. 1980-88. Passed 4-15-80.)