The Town finds that public rights-of-way of the Town to be used
by a franchisee for the operation of a cable system are valuable public
property acquired and maintained by the Town. The Town further finds
that the grant of a franchise to use public rights-of-way is a valuable
property right without which a franchisee would be required to invest
substantial capital.
Each franchisee shall pay a franchise fee of 5% of gross revenues.
The franchisee shall file with the Town, within 30 days after
the expiration of each of the franchisee's fiscal quarters, a
financial statement clearly showing the gross revenues received by
the franchisee during the preceding quarter. The quarterly portion
of the franchise fee shall be payable to the Town at the time such
statement is filed.
In the event that any franchise fee payment or recomputation
amount is not made on or before the required date, the franchisee
shall pay additional compensation and interest charges computed from
such due date, at an annual rate equal to the commercial prime interest
rate of the Town's primary depository bank during the period
such unpaid amount is owed, in addition to any applicable penalties
or liquidated damages.
No acceptance of any payment by the Town shall be construed
as a release or an accord and satisfaction of any claim the Town may
have for further or additional sums due or for the performance of
any other obligation of a franchisee or as an acknowledgment that
the amount paid is the correct amount due.