Ordinance 3444-15 with Acceptance

4.2 Payments. With the exception of fees charged pursuant to Section 4.1.3 of this Franchise Grantee's fee payments to the City shall be computed quarterly for the preceding calendar quarter ending March 31, June 30, September 30, and December 31. Each quarterly payment shall be due and payable no later than thirty (30) days after said dates. 4.3 Acceptance of Payment and Recomputation. No acceptance of any payment shall be construed as an accord by the City that the amount paid is, in fact, the correct amount, nor shall any acceptance of payments be construed as a release of any claim the City may have for further or additional sums payable or for the performance of any other obligation of Grantee pursuant to this Franchise. 4.4 Quarterly Fee Reports. Each payment shall be accompanied by a written report to the City, verified by an authorized representative of Grantee, containing an accurate statement in summarized form, as well as in detail, of Grantee's Gross Revenues reasonably associated with this Franchise and the computation of the payment amount. Such reports shall detail all Gross Revenues of the Telecommunications System and shall be drafted in accordance with GAAP. 4.5 Annual Fee Reports Grantee shall, within sixty (60) days after the end of each year, furnish to the City a statement stating the total amount of Gross Revenues reasonably associated with this Franchise for the year and all payments, deductions and computations for the period. 4.6 Audits. On an annual basis, upon thirty (30) days prior written notice, the City shall have the right to conduct an independent audit of Grantee's records reasonably related to the administration or enforcement of this Franchise, in accordance with GAAP. Any audit shall be limited to an audit with respect to amounts to be paid to the City in the current calendar year and immediately preceding 2 calendar years only. If the audit shows that fee payments have been underpaid by three percent (3%) or more, Grantee shall pay the total reasonable cost of the audit. 4.7 Late Payments. In the event any payment due quarterly is not received within thirty (30) days from the end of the calendar quarter, Grantee shall pay interest on the amount due at the rate of one percent (1%) per month, compounded daily, calculated from the date the payment was originally due until the date the City receives the payment. 4.8 Tax Liability. The fees shall be in addition to any and all taxes or other levies or assessments which are now or hereafter required to be paid by businesses in general by any law of the City, the State or the 10 of 30