A. In consideration of the granting and exercise of a franchise to use the streets, as defined in this chapter, for the operation of a cable television system, any grantee shall pay to the city, during the life of the franchise, five percent of the franchisee's gross revenues per year from its cable services in the community, except that, to the extent that the Federal Communications Commission, in its Rules and Regulations, at some time in the future, allows a municipality to raise such franchise fee absent the showings currently required by Section 76.31 of the Rules and Regulations of the Federal Communications Commission, without qualification to a higher percentage. The city reserves the right to unilaterally increase such franchise fee to such higher percentage.
B. The percentage payments shall be made in the manner and at times directed in such franchise agreement or in a council resolution fixing franchise fees and adopting rules for service and rate regulation.
C. No acceptance of any 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 chapter or for the performance of any other obligation under this chapter.
D. In the event that the above payment is not received by the city within the specified time, the grantee shall pay to the city liquidated damages of two percent per month on the unpaid balance in addition thereto. (Prior code § 7-4)