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- 20 - <br /> <br /> (1) An interest charge, computed from such due <br /> date, at an annual rate equal to the average prime interest rate <br /> <br /> for the period in question. <br /> <br /> (2) A sum of money equal to five percent (5%) of <br /> the amount due in order to defray those additional expenses and costs <br /> <br /> incurred by the Grantor by reason of delinquent payment. .~ <br /> <br /> (d) Payment due the Grantor under this provision <br /> shall be computed annually, for-the preceding calendar year. <br /> Each annual payment shall be due and payable no later than <br /> thirty (30) days after the close of the calendar year. Each <br /> payment shall be accompanied by a brief report showing the <br /> basis for the computation and such other relevant facts as <br /> may be required by the Grantor. <br /> <br /> (e) Any Grantee "pass through" or itemization <br /> of franchise fee costs on subscribers' bills shall be in <br /> <br />accordance with federal law. <br /> <br /> 4.14 Forfeiture or Revocation. <br /> <br /> (a) Grounds for Revocation. The Grantor <br /> <br /> reserves the right to revoke any franchise granted kereunder <br /> <br />and rescind all rights~'and privileges associated with the <br />'franchise in the following circumstances, each of which shall <br /> <br /> represent a default under this ordinance and a material breach <br /> of the franchise: <br /> <br /> <br />