Ord 2012-032 - Laserfiche WebLink

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enters into such agreement or renews or extends a franchise agreement adopted by any municipality on or after the Effective Date of this Ordinance. 8.5 The Franchise fee specified in Section 8.2 shall be payable quarterly to the City and shall be delivered to the City's Finance Director, together with a statement indicating the derivation and calculation of the payment. In the event that the method of compensation is the method provided in Section 8.3 of this Franchise, then PEC shall furnish to the City a statement that provides the franchise basis period and the total amount of kilowatt hours of electricity delivered during the franchise basis period by PEC to retail Customers in the City. Each payment shall be payable on a quarterly basis with respect to each quarter of the calendar year, and shall be payable within thirty (30) days of the close of the calendar quarter in question. The franchise fee for any fractional portion of a calendar quarter included within the term of the Franchise shall be prorated, including for the purposes of that proration all of any month during a portion of which the Franchise is in effect. Failure to pay the franchise fee shall constitute a material breach of this Franchise as described in Section 13 hereof. The quarterly payment shall be based upon PEC's Gross Receipts during the previous quarterly period and shall represent payment for the rights and privileges granted to PEC by this Franchise for said calendar quarter. 8.6 In the event any quarterly payment is made after 3 p.m. on the date due, PEC shall pay a late payment charge which shall be the greater of: (a) $100 or (b) Simple interest at 6% annual percentage rate of the total amount past due. For purposes of verifying the amount of the franchise fee, the City shall have the right, at all reasonable times acting through its City Manager or designated officer, attorney, representative, or agent to inspect, review, audit and examine all the books of PEC pertaining to the sale of Electric Utility Services to Customers. In addition, PEC will provide copies of any franchise agreements entered into after the Effective Date hereof with any municipality in which PEC has agreed to pay Gross Receipts to a municipality more than the amount herein within 60 days after entering into such franchise agreements with other municipalities. 8.7 PEC shall file annually with the City's Finance Director, no later than six (6) months after the end of PEC's fiscal year: (a) Annual audited statements of PEC. The certified public accountant preparing the statement shall certify that the statement is in accordance with applicable generally accepted accounting principles; 11