Laserfiche WebLink
SECTION 3. FEE PAYMENT AND FINANCIAL CONTROLS <br /> 3.1 Fee <br /> As compensation for the benefits and privileges granted under this Franchise and in <br /> consideration of permission to use the City's Rights-of-Way, Grantee shall pay as a fee to the City, <br /> throughout the duration of this Franchise, an amount equal to five percent (5%) of Grantee's Gross <br /> Revenues, provided that such percentage rate is subject to the provisions of 47 U.S.C. 573 (c) (2) <br /> (B). <br /> 3.2 Payments <br /> Grantee's fee payments to the City shall be computed quarterly for the preceding calendar <br /> quarter ending March 31, June 30, September 30, and December 31. Each quarterly payment shall <br /> be due and payable no later than thirty(30)days after said dates. <br /> 33 Acceptance of Payment and Recomputation <br /> No acceptance of any payment shall be construed as an accord by the City that the amount <br /> paid is, in fact, the correct amount, nor shall any acceptance of payments be construed as a release <br /> of any claim the City may have for further or additional sums payable or for the performance of any <br /> other obligation of Grantee. <br /> 3.4 Quarterly Fee Reports <br /> Each payment shall be accompanied by a written report to the City, verified by an <br /> authorized representative of Grantee, containing an accurate statement in summarized form, as well <br /> as in detail, of Grantee's Gross Revenues and the computation of the payment amount. Such reports <br /> shall detail all Gross Revenues of the Open Video System and shall be drafted in accordance with <br /> GAAP. <br /> 3.5 Annual Fee Reports <br /> Grantee shall, within sixty (60) days after the end of each year, furnish to the City a <br /> statement stating the total amount of Gross Revenues for the year and all payments, deductions and <br /> computations for the period. <br /> 3.6 Audits <br /> On an annual basis,upon thirty(30)days prior written notice,the City shall have the right to <br /> conduct an independent audit of Grantee's records reasonably related to the administration or <br /> enforcement of this Franchise, in accordance with GAAP. If the audit shows that fee payments <br /> have been underpaid by three percent(3%) or more, Grantee shall pay the total cost of the audit. <br /> 7 <br />