§ 21. Fee to City.

A franchise fee of seven percent (7%) of the gross receipts of the franchisee from solid waste management service within the City shall be charged as consideration for the granting of the franchise. The franchise fee shall be paid to the City on the same basis as receipts are accounted for in the franchisee's operation. In addition, the franchisee shall submit the amount of annual gross receipts within sixty (60) days of the franchisee's fiscal year end.

City shall have the right to inspect for up to three previous years the Franchisee's records showing its gross revenue for all services from which its contracted franchise fees are computed. No acceptance of any franchise fee by the City shall be construed as a release of or an accord or satisfaction of any claim the City might have for further or additional sums payable under the terms of this Franchise.

If the Franchise is terminated, within thirty (30) days after the termination of this Franchise, the franchise fee shall be paid for the period elapsing since the end of the last period for which compensation has been paid.

The Franchisee shall furnish to the City with each payment of franchise fee required by this section a [delete: notarized] statement, executed by an officer of the Franchisee, showing the amount of gross revenue of the Franchisee within the City for the period covered by the payment computed on the basis set out in this section. If the Franchisee fails to pay the entire amount of franchise fee due to the City through error or otherwise within the times allotted for payment specified above, the amount of the fee due for that month and not timely paid shall be subject to a late penalty of an additional ten (10) percent plus interest of two percent per month on the amount of fee due and unpaid from the date due until it is paid together with the late penalty.

(Ord. No. 1475, § 21, 5-12-2009)