ORD 1829 - Laserfiche WebLink

SECTION 6.52.070. FRANCHISE FEE AND FINANCIAL REQUIREMENT,C; A. Franchise Fee (1) Following the issuance and acceptance of the Franchise, the Grantee shall pay to the Grantor a Franchise Fee on Gross Annual Cable Service Revenues in the amount and at the times set forth in the Franchise Agreement. (2) In the event that any Franchise Fee payment or payment of any adjustment to any Franchise Fee is not made on or before the dates specified in the Franchise Agreement, Grantee shall pay: (a) an interest charge, computed from such due date, at an annual rate equal to the highest of the most recently published prime lending rate of any of the five (5) largest member banks of the New York Clearing House Association, plus one percent (1%) during the period for which payment was due; and (b) if the payment is late by ninety (90) days or more, a sum of money equal to five percent (5%) of the amount due in order to defray those additional expenses and costs incurred by the Grantor due to Grantee's delinquent payment. (3) In the event Grantee overpays its Franchise Fee, the Grantee shall notify the Grantor in writing, and provide sufficient documentation to verify the alleged overpayment. Upon written authorization by the Grantor, said authorization not to be unreasonably withheld, the Grantee may begin deducting the amount overpaid beginning with the next Franchise Fee payment due from Grantee to Grantor, and Grantee may continue to deduct the amount paid on subsequent Franchise Fee payments until the amount overpaid is fully reimbursed to Grantee. (4) The Grantor, on an annual basis, shall be furnished a statement within ninety (90) days of the close of the calendar year, either audited and certified by an independent certified public accountant or certified by an officer of the Grantee, reflecting the total amounts of Gross Annual Cable Service Revenues and all payments, deductions and computations for the period covered by the payment, 22