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(A) The company shall pay to the Village a franchise fee in an amount of five percent (5%) of the company's annual gross revenues.
(B) Payment of the franchise fee is in addition to and exclusive of any and all authorized taxes, business license fees, permit fees, levies or assessments previously in effect or subsequently adopted by the Village so long as said taxes, fees, levies or assessments are of general applicability.
(C) To the extent permitted by applicable law or regulations, franchise fees in excess of five percent (5%) may be enacted by appropriate amendment to this chapter by the Corporate Authorities and collected by the Village after sixty (60) days' written notice to the company.
(D) Franchise fees are to be paid quarterly and not later than sixty (60) days following the last day of the quarter. The franchise fees are to be mailed by certified mail, or may be hand delivered, to the Village Manager's Office.
(E) Each franchise fee payment shall be accompanied by a verified financial statement in a format as set forth in the franchise agreement that clearly states the gross revenues for the quarter said payment is rendered. The financial statement shall be signed by the company's controller, or other employee knowledgeable of the accuracy of the figures used in the computation and the corresponding payment to the Village.
(F) Any franchise fee which remains unpaid in whole or in part after the date specified in this chapter shall be delinquent and shall thereafter accrue interest as set forth in the franchise agreement.
(G) The Village shall have the right to inspect the company's income records, worksheets, journals, financial statements, and other such financial records as may be necessary and appropriate to verify the accuracy of the franchise fee payments or other payments owed to the Village. The Village may use its own personnel or may hire an outside certified public accountant to conduct an audit or "agreed upon procedures" financial review to recompute and verify the franchise fee payment and compliance with the financial terms of this chapter. Any additional amounts due to the Village as a result of an audit shall be paid with applicable interest within thirty (30) days following written notice to the company. Said notice shall include a copy of the audit report.
(H) Upon termination of the franchise and/or at the expiration of the term provided thereof, or otherwise, the company shall continue to make the quarterly statements and certifications as provided in this section until such time as all payments due the Village under this chapter have been paid and accounted for to the reasonable satisfaction of the Village. (Ord. 00-O-12, 5-8-2000)