A.    In consideration for the granting and exercise of this franchise as defined in this chapter for the use of public rights-of-way for the purpose of constructing and operating a system, company shall pay each year to the city during the life of this franchise, an amount equal to five percent of the total gross revenues arising from the use and possession of this franchise.

    B.    Checks for all payments shall be made payable to the city and shall be submitted to the city quarterly. All payments shall be due by the forty-fifth day succeeding the quarterly reporting period. Any late payments shall be assessed interest at the rate of one percent per month on the unpaid balance. A late payment is subject to the default procedures under the agreement.

    C.    The company shall also be responsible for payment of all applicable business license taxes and any relevant user fees as have been or may be adopted by the city council.

    D.    The company shall file with the city clerk within ninety days after the expiration of any calendar year during which any grant is in force, a verified statement showing in appropriate detail the total annual gross revenue as defined in this chapter, of the company, its successors or assigns, during the preceding calendar year. The city shall have the right of reasonable inspection of the company's records showing its gross revenues. (Ord. 496 § 2 (part), 1993)