§ Eight. Franchise Fee.

(A)

As compensation for a franchise granted pursuant to this ordinance, and for the use of city owned right-of-way, the franchisee shall pay to the city an amount equal to five percent (5%) of the franchisee's gross revenues from the sale of any and all services to customers located inside the city of Kirksville.

(B)

Payments due under this section may be made monthly, bi-monthly, or quarterly, but no less frequently than quarterly. Each payment shall be accompanied by a brief report showing the basis for the computation and such other relevant facts as may be reasonably required by the city.

(C)

Acceptance of payment by the city shall not be construed as an accord that the amount paid is, in fact, the correct amount, nor shall such acceptance of payment be construed as a release of any claim the city may have for further or additional sums payable under the provisions of this ordinance. All amounts paid shall be subject to audit and recomputation by the city at the city's expense.

(D)

The franchisee shall maintain separate financial records pertaining to gross receipts from its operation in the city. The city shall have the right during normal business hours (after making reasonable request which would not interfere with the system's operation) to review revenue records of the franchisee relating to its operation in Kirksville. Access to this information will not be denied by the franchisee on the basis that said records contain proprietary information. The franchisee may deny access to these records to the general public, but not to the city. The city shall treat such information as confidential.