§ 19-309. Compensation

(a) In consideration of the right granted, franchisee agrees to pay to city a fee in the amount as designated in the agreement as to both the specified percentage of the gross advertising revenues received by franchisee for the rental of advertising space in and on each bench or shelter, and a minimum basic fee per month per bus shelter or bench.

(b) Franchisee shall make payment to city on a monthly basis, such payment to commence thirty (30) days from the date of issuance of a permit for the installation of each bench or shelter in accordance with the installation schedule identified in section 19-307(a).

(c) All payments from franchisee to city shall be supported by a statement of account showing all bench or shelter locations and revenues received.

(d) Franchisee shall allow inspection of its books and records by city officials as authorized by city's manager or director of finance at franchisee's office during reasonable business hours to determine revenues due to city.

(e) Quarterly reports (unaudited) concerning gross advertising receipts derived from benches or shelters within city shall be provided to the director of public services of city within thirty (30) days after the conclusion of each calendar quarter.

(f) No acceptance of any payment by the city shall be construed as a release or as an accord and satisfaction of any claim the city may have for further or additional sum payable under this chapter or for the performance of any other obligation of the franchisee. In the event that any payment or recomputed amount is not made on or before the dates specified in this section, franchisee shall pay as additional compensation:

(1) An interest charge, computed from such due date, at the annual rate as set pursuant to a franchise agreement.

(2) A sum of money equal to five (5) per cent of the amount due in order to defray those additional expenses and costs incurred by the city by reason of delinquent payment.

(g) No compensation shall be payable to city for those certain benches or shelters required to be installed and maintained without advertising thereon. The franchisee shall maintain, at its own expense, all bus shelters.

(Ord. No. 92-9, § 3, 5-4-92)