Ordinance No. 19359 - Laserfiche WebLink

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and in consideration of permission to use the streets and public ways of the Grantor in the franchise territory far the construction, operation, mainten- ance, and reconstruction of a cabl a common i cati an s system within the franchise territory, the Grantee shall pay to the Grantor an annual amount equal to five percent ~5%~ of the Grantee's gross annual revenues as defined in sec- tion 3 herein. Amended by Ordinance Na. 19359, 10/14/85. ~2} Payment Schedule. Payments due Grantor under this provision shall be computed quarterly, for the preceding quarter, as of March 31, June 30, September 30, and December 31. Each quarterly payment shall be due and payable no later than 60 days after the dates listed in the previous sentence. ~3~ Late Penalty. The Grantee shall furnish to Grantor, with each payment of compensation required by this section, a written statement under oath, executed by an authorized agent of the Grantee, showing the amount of gross annual revenues of the Grantee within the franchise territory for the period covered by the payment computed on the basis set out in Subsection ~1} of this section. The compensation far the period covered by the statement shall be computed on the basis of the grass annual revenues so reported. If the Grantee fails to pay the entire amount of compensation due the Grantor, through error or otherwise, within the times allated for payment in Subsec- tion ~2} above, the amount of the fee due for that quarter and not timely paid shall be subject to a late penalty of an additional ten percent ~10%~ plus interest of one percent ~1%~ per month on the amount of fee due and un- paid from the date due until it is paid together with the late penalty. ~4~ verification of Amount Due. Na acceptance of any payment shall be construed as an accord that the amount paid is in fact the correct amount, nor shall such acceptance of payment be construed as a release of any claim the Grantor may have for further or additional sums payable under the provi- sions of this franchise. All amounts paid shall be subject to audit and re- computation by the Grantor and all retards required. to conduct such an audit Ordinance - 1~