A. Any grantee granted a franchise under this chapter shall pay to the city during the life of such franchise, a sum equal to a minimum five percent of the gross annual receipts of the grantee. Such payment by the grantee to the city shall be made annually or as otherwise provided in the grantee’s franchise, by delivery of the same to the city clerk.

B. The grantee shall file with the city, within ninety days after the expiration of any calendar year or portion thereof during which such franchise is in force, a financial statement prepared by a certified public accountant, or person otherwise satisfactory to the council, showing in detail the gross annual receipts as defined herein, of grantee during the preceding calendar year or portion thereof. It shall be the duty of the grantee to pay to the city, within fifteen days after the time for filing such statements, the sum prescribed in this section or any unpaid balance thereof for the calendar year portion thereof covered by such statements.

C. In any year, or portion thereof, following the first full year service has been provided and during which payments under this section amount to less than eight hundred dollars per year, grantee shall pay the city as a minimum an amount equal to eight hundred dollars per year.

D. The city shall have the right to inspect the grantee’s records showing the gross receipts from which its franchise payments are computed, and the right of audit and recomputation of any and all amounts paid under this chapter. No acceptance of any payment shall be construed as a release or as an accord and satisfaction of any claim the city may have for further or additional sums payable under this chapter or for the performance of any other obligation under this chapter.

E. In the event of any holding over after expiration or other termination of any franchise granted under this chapter without the consent of the city, the grantee shall pay to the city reasonable compensation and damages of not less than one hundred percent of its total gross profit during that period. (Ord. 473 §1, 2002).