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SECTION 8. FRANCHISE FEE <br /> <br /> (a} T~e Company shall pay to the City for the right, <br />privilege and franchis~~connection with the Grant, an amount <br />equal to five percen~((5%O//bf the company's Eross monthly sub- <br />scriber service revenues, less unpaid monthly subscriber service <br />charges, but including any annual or periodic prepayment of <br />monthly service cha~ges, for the Company's previous fiscal year, <br />such payment to be made in quarterly installments to the City. <br />The first quarterly payment is to be made sixty (60) days <br />following the close of the Company's fiscal year, and the three <br />succeeding payments shall be made on or before the final day of <br />each succeeding fiscal quarter. <br /> <br /> The Company shall file within ninety (90) days following the <br />conclusion of each fiscal year of the Company a certified annual <br />report prepared by an independent Certified Public Accountant <br />acceptable to the City showing the annual total of monthly gross <br />subscriber revenues and payments to the City and further relevant <br />financial information in regard to the Company as may be required <br />by the City. <br /> <br /> (b) The 5% franchise fee will take effect January 1, 1988. <br />The Company will continue' to pay 3% of Gross Subscriber Revenues <br />until December 31, 1987. <br /> <br />- 11 - <br /> <br /> <br />