<div class="chunk-title">Sec. 20-35. - Franchise fees.</div>
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               (a)
               
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               <span class="ital">Because the county finds that:</span>
               
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               (1)
               
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               The streets of the state, and county to be used by the grantee in the operation of
               its system within the boundaries of the franchise area are valuable public properties
               acquired and maintained by the state, and county at great expense to its taxpayers;
               
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               (2)
               
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               The grant to the grantee to the said streets is a valuable property right without
               which the grantee would be required to invest substantial capital in right-of-way
               costs and acquisitions;
               
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               (3)
               
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               The administration of this chapter and the franchise imposes upon the county additional
               regulatory responsibility and expense; and
               
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               (4)
               
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               A grantee of any franchise hereunder shall pay to the county a franchise fee in an
               amount as designated in the franchise, but in no event less than five percent of the
               gross annual revenues, or the maximum amount permitted under applicable federal, state,
               or local law, if such maximum is greater than five percent. The annual franchise payment
               shall be in addition to any other fee and shall commence as of the effective date
               of the franchise. The county shall be furnished a statement of said payment by a chief
               financial officer of the division operating the system in the county, reflecting the
               total amounts of annual gross revenues and the above charges and computations for
               the period covered by the payment.
               
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               (b)
               
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               <span class="ital">Franchise fee in addition to other tax or payment.</span> This payment shall be in addition to any other tax or payment owed to the county
               or other taxing jurisdiction by the grantee. Payment of the franchise fee made by
               grantee to the county shall not be considered in the nature of a tax, but shall be
               in addition to any and all taxes which are now or may be required hereafter to be
               paid by any federal, state, or local law.
               
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               (c)
               
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               <span class="ital">Acceptance by the county.</span> No acceptance of any payment by the county shall be construed as a release or as
               an accord and satisfaction of any claim the county may have for further or additional
               sums payable as a franchise fee under this chapter or for the performance of any other
               obligation of the grantee.
               
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               (d)
               
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               <span class="ital">Failure to make required payment.</span> In the event that any franchise payment or recomputed amount is not made on or before
               the dates specified herein, grantee shall pay as additional compensation an interest
               charge, computed from such due date, at the annual rate equal to the commercial prime
               interest rate of the county's primary depository bank during the period that such
               unpaid amount is owed.
               
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               (e)
               
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               <span class="ital">Payments to be made quarterly.</span> The franchise fee and any other cost or damage assessed against the grantee shall
               be payable quarterly to the County of Cabarrus. The grantee shall file a complete
               and accurate statement (certified by an officer of the grantee responsible for the
               system's financial statements) of all gross revenues within the franchise area during
               the period for which said quarterly payment is made, and said payment shall be made
               to the county no later than 45 days following the end of each calendar quarter. Quarterly
               computation dates are the last day in the months of March, June, September and December.
               
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               (f)
               
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               <span class="ital">The county's right of inspection.</span> The county shall have the right to inspect the grantee's income records and the right
               to audit and to recompute any amounts determined to be payable under this chapter.
               Audits shall be at the expense of the county unless such audit shows the grantee to
               be in arrears by five percent. In such case, the grantee shall reimburse the county
               for the actual out-of-pocket cost of the audit. Any additional amount due the county
               as a result of the audit shall be paid within 30 days following written notice to
               the grantee by the county which notice shall include a copy of the audit report.
               
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            <p class="historynote0">
               (Ord. No. 1998-05, art. IV, Â§ 4.15, 2-16-98)
               
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