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t7 <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 amount. Such reports s <br /> ll detail <br /> m <br /> all Gross Revenues of the Telecom»mcations System and shall be drafted in <br /> ith <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 staling the total amount of Gross Revenues for the year and all payments,deductions and <br /> computations for the period. <br /> On an anmial 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. o t audit shows ptheeo payments <br /> °St ofdtuue <br /> hereunder have been underpaid by three percent(3%) <br /> or audit. <br /> 4.1;. Late Payments <br /> In the event any paymentdue 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 � �y law of the vies or City,the Statessments which <br /> cor the United <br /> hereafter required to be paid by businesses in g by <br /> States including, without limitation, sales, use and otherll nottaxes, <br /> e eempt Granteelcense fees or from the payment of <br /> er <br /> payments. Payment of the fees under this Franchiseor income of <br /> any other license fee, permit fee, tax or charge on the business, occupation, property <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 Citwithin nineGrosRely (90) <br /> c) <br /> calendar days of the date of the termination, a financial statement showing <br /> s <br /> received by the Grantee since the end of the previous fiscal year. The City reserves e right to dsavailable satisfshy <br /> any remaining fi ancial obligations of the Grantee to the City by utilizing <br /> e <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 <br /> nt�est or to delegt to reasonably <br /> to that power and right,or any <br /> privileges permitted by this Franchise in the pubh i <br /> part thereof,to the extent permitted under law to any agent in its sole discretion. <br /> Seattle SMSA Limited Partnership <br /> (Verizon Wireless) 1$—Pf 33 <br /> Small Cell Franchise <br />