O-1998-2260 - Laserfiche WebLink

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e e 2. Right of Inspection of Records. The Director shall have the right to inspect the Grantee's records to determine whether the payments to the City have been computed properly, and to audit and recompute any and all amounts paid under this Franchise. Said audits shall be conducted no more often than annually, and the audit period shall not be any greater than the previous three (3) years. The Director shall give thirty (30) days written notice to Grantee of any such inspection, including a list of documents and records desired for review. Grantee shall provide access to such documents and records at a local area office. No acceptance of payment shall be construed as a release or as an accord and satisfaction of any claim the City may have for further or additional sums payable under this Franchise or for the performance of any other obligation hereunder. 3. Other Payments to the City. The franchise fee payable hereunder shall be exclusive of, and in addition to, all ad valorem taxes, special assessments for municipal improvements, and other lawful obligations of the Grantee to the City. 4. Late Payment Penalty. Grantee shall pay a late penalty of twelve percent (12%) per annum, compounded daily, on franchise fee payments, or portions thereof, that are paid subsequent to the payment dates specified in Section 6(1) hereof. In the event the City identifies, as a result of an audit, amounts owed by the Grantee from prior periods, the Grantee shall pay a late penalty of ten percent (10%) per annum on the net underpaid amount identified, computed from the original due dates. Section 7. TERM OF FRANCHISE AND PERFORMANCE. 1. Term. Upon the filing with the City by Grantee of the written acceptance required herein, this Franchise shall be in full force and effect commencing sixty (60) days after its final passage and approval by the City Council and expiring ten (10) years after such effective date. 8