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I I I I I I I I I I I I I I I I I I I SECTION 15 PAYMENTS TO THE CITY/COUNTY AND FINANCIAL RECORDS AND REPORTS a) Grantee shall make available to the City/County its permanent books, ledgers, journals, accounts and records, wherein Grantee Shall keep all entries necessary to reflect its annual gross revenues as hereafter defined. Such documents shall be kept and maintained in accordance with accepted accounting principles, except to the extent such principles are inconsistent with the terms of this franchise, which shall be controlling. All of the said documents shall, on written request of the City/County be open for examination and audit during ordinary business hours, and shall be retained by the Grantee for a minimum of four (4) years. b) The Grantee shall provide the following reports and payment to the City/County: 1) On or before the 20th day of each month following the end of each six (6) month period (ending June 31 and December 31) during the term hereof, a report of all Grantee's aforesaid gross revenues during the preceding six (6) month fiscal period. Such report shall be submitted on forms prescribed by the City/County and shall be accompanied by payment to the City/County of the amount of the franchise fee. Fr~nchise fee payment shall be calculated without any adjustment for time value as follows: Gross revenues times five percent (5%) = Franchise feè'due. The franchise fee statement submitted with each payment will contain the following information: Total number of customers Total actual revenue 3Ø day old debt 6Ø day old debt 9Ø day old debt 12Ø day old debt write offs 2) A certified and complete annual statement of Grantee's annual gross revenues for each twelve (12) month period hereunder, within 90 days after the close of each fiscal year. c} The Grantee shall pay tD the City/county 5% of gross revenues derived from all sources of the Grantees operation of the wireless communications system. Gross revenue includes all revenues of any nature whatsoever, 19