Section 5.34.110 Payments.

A. Utility tax. The operator shall pay to the City on a quarterly basis, on or before May 15, August 15, November 15, and February 15 of each year, six percent (6%) of the total revenues of the operator during the immediate past quarter together with a financial statement listing the gross receipts and revenues of the operator during that quarter. The percent of total revenues shall equal the percent of franchise utility tax as adopted or modified by resolution of the City Council of the City consistent with applicable law. Such utility tax shall be in lieu of any franchise or other City tax.

B. Verification. All books and records showing the revenues of the operator shall be open at all reasonable times to the inspection of the City or agent appointed by the City.

C. Additional compensation. If any payment amount is not made on or before the dates specified, the operator shall pay as additional compensation:

1. An interest charge computed from the due date, at an annual rate equal to the average rate of return on invested funds of the City during the period for which payment was due.

2. The acceptance of any payment by the City may not be construed as a release or as an accord and satisfaction of any claim the City may have for further and additional sums payable as a utility tax under this ordinance or for the performance of any other obligation of the operator.

D. Pass through foes. Any operator "passthrough" or itemization of the utility tax on subscriber's bills shall be in accordance with applicable law.