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4.2. Payments <br /> Grantee's fee payments to the City shall be computed quarterly for the preceding calendar quarter <br /> ending March 31, June 30, September 30, and December 31. Each quarterly payment shall be due <br /> and payable no later than thirty(30)days after said dates. <br /> 4.3. Acceptance of Payment and Recomputation <br /> No acceptance of any payment shall be construed as an accord by the City that the amount paid is, <br /> in fact, the correct amount, nor shall any acceptance of payments be construed as a release of any <br /> claim the City may have for further or additional sums payable or for the performance of any other <br /> obligation of Grantee. <br /> 4.4. Quarterly Fee Reports <br /> Each payment shall be accompanied by a written report to the City, verified by an authorized <br /> representative of Grantee, containing an accurate statement in summarized form, as well as in <br /> detail, of Grantee's Gross Revenues and the computation of the payment amount. Such reports <br /> shall detail all Gross Revenues of the Telecommunications System and shall be drafted in <br /> accordance with GAAP. <br /> 4.5. Annual Fee Reports <br /> Grantee shall, within sixty (60) days after the end of each year, furnish to the City a statement <br /> stating the total amount of Gross Revenues for the year and all payments, deductions and <br /> computations for the period. <br /> 4.6. 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 /> 4.7. Late Payments <br /> In the event any payment due quarterly is not received within thirty (30) days from the end of the <br /> calendar quarter, Grantee shall pay interest on the amount due at the rate of one percent (1%) per <br /> month, compounded daily, calculated from the date the payment was originally due until the date <br /> the City receives the payment. <br /> 4.8. Tax Liability <br /> The fees shall be in addition to any and all taxes or other levies or assessments which are now or <br /> hereafter required to be paid by businesses in general by any law of the City, the State or the United <br /> States including, without limitation, sales, use and other taxes, business license fees or other <br /> payments. Payment of the fees under this Franchise shall not exempt Grantee from the payment of <br /> 10 of 30 <br />