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8.3 Franchise Fee. <br /> 8.3.1 During the term of the Franchise, the Grantee shall pay quarterly to the City or its <br /> delegatee a Franchise fee in an amount equal to five percent (5%) of its Gross <br /> Revenues. <br /> 8.3.2 Any payments due under this provision shall be payable quarterly. The payment <br /> shall be made within thirty (30) days of the end of each of Grantee's fiscal <br /> quarters together with a report showing the basis for the computation. The City or <br /> the Commission shall have the right to require further supporting information for <br /> each franchise fee payment. <br /> 8.3.3 All amounts paid shall be subject to audit and recomputation by City and/or the <br /> Commission, and acceptance of any payment shall not be construed as an accord <br /> that the amount paid is in fact the correct amount. The Grantee shall be <br /> responsible for providing the City and/or the Commission all records necessary to <br /> confirm the accurate payment of franchise fees. The Grantee shall maintain such <br /> records for five (5) years, unless in the Grantee's ordinary course of business <br /> specific records are retained for a shorter period, but in no event less than three <br /> (3) years. If an audit discloses an overpayment or underpayment of franchise <br /> fees, the City and/or the Commission shall notify the Grantee of such <br /> overpayment or underpayment. The City's/Commission's audit expenses shall be <br /> borne by the City/Commission unless the audit determines that the payment to the <br /> City should be increased by more than five percent (5%) in the audited period, in <br /> which case the reasonable costs of the audit shall be borne by the Grantee as a <br /> cost incidental to the enforcement of the Franchise. Any additional amounts due <br /> to the City as a result of the audit shall be paid to the City within thirty (30) days <br /> following written notice to the Grantee by the City/Commission of the <br /> underpayment, which notice shall include a copy of the audit report. If the <br /> recomputation results in additional revenue to be paid to the City, such amount <br /> shall be subject to a ten percent (10%) annual interest charge. If the audit <br /> determines that there has been an overpayment by the Grantee, the Grantee may <br /> credit any overpayment against its next quarterly payment. <br /> 8.3.4 In the event any franchise fee payment or recomputation amount is not made on <br /> or before the required date, the Grantee shall pay, during the period such unpaid <br /> amount is owed, the additional compensation and interest charges computed from <br /> such due date, at an annual rate of ten percent(10%). <br /> 8.3.5 Nothing in this Franchise shall be construed to limit any authority of the City to <br /> impose any tax, fee or assessment of general applicability. <br /> 8.3.6 The franchise fee payments required by this Franchise shall be in addition to any <br /> and all taxes or fees of general applicability. The Grantee shall not have or make <br /> any claim for any deduction or other credit of all or any part of the amount of said <br /> franchise fee payments from or against any of said taxes or fees of general <br /> 34 <br />