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• The Company shall have the right to designate that portion of a <br />subscriber's bill attributable to the franchise fee as a separate <br />item on the bill, and shall have the right to pass through to <br />subscribers the amount of any increase in a franchise fee. For <br />the initial year of this franchise, the annual rate of five <br />percent will be assessed on gross revenues from the effective date <br />of this renewal. <br />B. When paying the fee the Company shall file with the <br />Treasurer a complete and accurate verified statement of its gross <br />revenues for the preceding year. The City shall have the right to <br />inspect the Company's income records and the right to audit and <br />recompute any amounts determined to be payable under this section; <br />provided, however, that such audit shall take place within <br />thirty-six months following the date the fee is due. Any <br />additional amount due to the City as a result of the audit shall <br />be paid within thirty days following written notice to the Company <br />by the City. The notice shall include a copy of the audit report. <br />C. In the event that any franchise fee or recomputed amount <br />is not paid on or before the applicable date specified by this <br />section, it shall be subject to a penalty of ten percent of the <br />amount due. Thirty days after such due date any delinquent amount <br />shall begin to bear interest at the rate of ten percent per annum. <br />• Section 1-8. Letter of Credit. <br />A. With its acceptance of this franchise, the Company shall <br />deliver a letter of credit from a bank with an office in the City <br />in the amount of $10,000.00. The form and content of the letter <br />of credit shall be approved by the City Attorney. The letter of <br />credit shall be used to insure the faithful performance by the <br />Company of all provisions of this franchise, compliance with all <br />orders, permits and directions of any agency, commission, board, <br />department, division or office of the City having jurisdiction <br />over its acts or defaults under this franchise, and the payment by <br />the Company of any claims, liens and taxes due the City which <br />arise by reason of the construction, operation or maintenance of <br />the system. <br />B. If the Company fails to pay to the City any compensation <br />within the time fixed by this ordinance, or fails after ten days <br />notice to pay to the City any taxes due and unpaid, or fails to <br />repay the City within ten days any damages, costs or expenses <br />which the City is compelled to pay by reason of any act or default <br />of the Company in connection with this franchise, or fails after <br />ten days notice of such failure by the City to comply with any <br />provision of this franchise which the City reasonably determines <br />can be remedied by demand on the letter of credit, the City may <br />immediately request payment of the amount thereof, with interest <br />and any penalties, from the letter of credit. The City shall <br />• notify the Company of the amount and date of any draft on the <br />letter of credit. <br />-5- <br />