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. e <br /> representative of Grantee,containing an accurate statement in summarized form, as well as in detail, <br /> of Grantee's Gross Revenues and the computation of the payment nd all amount.bdraftuch reed in ports <br /> shall <br /> with <br /> etail <br /> all Gross Revenues of the Telecommunications System <br /> GAAP. <br /> 4.5. Annual Reports <br /> If Grantee makes any payments due hereunder based on its Gross Revenues during any given <br /> calendar year,then Grantee shall,within sixty(60)days after the end of such year,furnish to the City <br /> a statement stating the total amount of Gross Revenues for the year and all payments,deductions and <br /> computations for the period. <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 <br /> audit shows that fee�p�aymenlon or <br /> ts due <br /> enforcement of this Franchise,in accordance <br /> hereunder have been underpaid by three percent(3%)or more,Grantee shall pay the total cost of the <br /> audit. <br /> 4.6. 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 the <br /> City receives the payment. <br /> 4,7. 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 thepayment <br /> ome of <br /> f <br /> any other license fee, permit fee, tax or charge on the business, occupation, property nr <br /> Grantee that may be lawfully imposed by the City. <br /> 4,8. Payment on Termination <br /> If this Franchise terminates for any reason, the Grantee shall file with the City within.ninety (90) <br /> calendar days of the date of the termination, a financial statement showing the Gross Revenues <br /> received by the Grantee since the end of the previous fiscal year. The City reserves th <br /> e available <br /> ht o satisfin they <br /> any remaining financial obligations of the Grantee to the City by utilizing he funds <br /> irrevocable letter of credit or performance bond provided by the Grantee. <br /> 5. ADMINISTRATION AND REGULATION <br /> A. The City shall be vested with the power and right to reasonably regulate the exercise of the <br /> privileges permitted by this Franchise in the public interest,or to delegate that power and right,or any <br /> part thereof,to the extent permitted under law to any agent in its sole discretion. <br /> Seattle SMSA Limited Partnership <br /> (Verizon Wireless) 11 3f 33 <br /> Small Cell Franchise <br />