2007-09-26 CC Packet - Laserfiche WebLink

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DRAFT quarters together with a report showing the basis for the computation, The City or the Commission shall have the right to require further suppOliing information for each franchise fee payment. In addition, the Grantee shall file with the Commission an annual report showing all Gross Revenues lor the prior calendar year. This rcpori shaH be filed with thc Commission within thiliy (30) days of the end of each calendar year. 8.3.3 All amounts paid shall be subject to audit and recomputation by City and/or the Commission, and acceptance of any payment shall not be construed as an accord that the amount paid is in Jact the correct amount The Grantee shall be responsible for providing the City and/or the Commission all n:cords necessary to con (inll the accurate payment of franchise fees, The Urantee shall maintain such records lor live (5) years, unless in the Grantee's ordinary course of business specific records are retained lor a shorter period, but in no event less than three (3) years, I f an audit discloses an overpayment or underpayment of fhmchise fees, the City and/or the Commission shall notify the Grantee of such overpayment or underpayment. The City's/Commission's audit expenses shall be borne by the City/Commission unless the audit determines that the payment to the City should be increased by more than Jive percent (5%) in the audited period, in which case the costs of the audit shall be borne by the Grantee as a cost incidental to the enforcement of the Franchise, Any additional amounts due to the City as a result of the audit shall be paid to the City within thirty (30) days following written notice to the Grantee by the City/Commission of the underpayment, which notice shall include a copy of the audit rcport, If thc recomputation results in additional revenue to be paid to the City, such amount shaH be subject to a ten percent (10%) annual interest charge. tfthe audit determines that there has been an overpayment by the Grantee, the Grantee may credit any overpayment against its next quarterly payment. 8,3.4 In the event any franchise fee payment or recomputation amount is not made on or bell)L"e the required date, the Grantee shall pay, during the period such unpaid amount is owed, the additional compensation and interest charges computed from such due date, at an annual rale often percent ([0%). 8.3.5 Nothing in this Franchise shall be construed to limit any authority of the City to impose any tax, fee or assessment of general applicability. 8.3.6 The franchise fee payments required by this Franchise shall be in addition to any and afl taxcs or fees of general applicability. The Grantee shall not have or make any claim for any deduction or other credit of all or any part of the amount of said franchise fee payments Ii-om or against any of said taxes or fees of general applicability, except as expressly pennitted by law. The Grantee shall not apply nor seek to apply afl or any part of the amount of said franchise fee payments as a 42 11