A. Franchise fee.
1. Amount. Each licensee shall pay Village, throughout the term of its franchise agreement, a franchise fee in an amount equal to five (5) percent of the licensee's gross revenues.
2. When due. Licensees shall pay franchise fees monthly within forty-five (45) calendar days after the last calendar day of each month (for example, such that fees due for the month of March are paid by May 15). Each payment shall be accompanied by a statement of revenue received for the month in connection with the operation of the licensee's cable system in the Village and a showing of all gross revenues derived from the cable system as defined herein and the calculation of the amount of franchise fees for the month. Such statement shall be certified by an appropriate representative of the licensee.
B. Audit. At its expense, Village (by itself or in combination with other municipalities served by a licensee) may audit a licensee (or any entity which is a cable operator affiliated with the licensee) to verify the accuracy of franchise fees paid Village. All records reasonably necessary for such audit shall be made available by the licensee at a reasonable location in the Chicago metropolitan area. Any additional amount due Village shall be limited to the three (3) calendar years preceding the audit and paid by the licensee within thirty (30) days of Village's submitting an invoice for such sum, and if such sum shall exceed five (5) percent of the total franchise fees which the audit determines should have been paid for any calendar year, the licensee shall pay Village's cost of auditing that calendar year as well.
C. Interest. All sums not paid when due shall bear interest at a rate which is two (2) percent over the prime rate then being charged by Bank One (or its successors), and computed monthly, on a single interest, three hundred sixty (360) days per year basis. Interest shall be calculated monthly based on the actual number of days in the interest period.
D. Subsequent action affecting franchise fees. In the event applicable law allows the payment of a higher franchise fee than that set forth in subsection 10-76(a), and the Village by ordinance adopts a change in the amount of the franchise fee consistent with then-applicable law, then licensees shall pay the higher franchise fee following forty-five (45) days' written notice from the Village.
(MC-10-2007, Added, 07/10/2007)