§ 32-40. Payment of franchise fee.

(a)

For the reason that the streets to be used by the grantee in the operation of its system within the boundaries of the city are valuable public properties acquired and maintained by the city at great expense to its taxpayers, and that the grant to the grantee of the streets is a valuable property right without which the grantee would be required to invest substantial capital in right-of-way costs and acquisitions, and because the city will incur costs in regulating and administering the franchise, and because the city will make available a portion of the franchise fee to further the development of the public and community uses of cable TV, the grantee shall pay to the city an amount equal to three percent of the grantee's gross annual revenue.

(b)

The annual franchise fee, as stated in subsection (a) of this section, shall be payable quarterly to the city treasurer and will begin accruing from the date this article is accepted. The grantee shall file a complete and accurate verified statement of all gross revenue within the city during the period for which such quarterly payment is made. The statement of gross revenue, together with payment, shall be made to the city not later than 45 days after the expiration of the grantee's fiscal quarter.

(c)

In the event that any franchise payment is not made on or before the applicable dates specified in this section, interest shall be charged daily from such date at the legal rate of interest.

(Code 1952, ch. H, art. VI, § 9)