(a) In consideration of the granting and exercise of a franchise to use the streets for the operation of a cable communications system, grantee shall pay to the city, during the life of the franchise, a percent of grantee's gross revenues per year from all cable services in the community as fixed by the city in its ordinance granting a franchise, but subject to any limitation imposed by state or federal law.
(b) The percentage payments shall be made in accordance with the provisions set forth in the franchise ordinance or agreement between grantor and grantee granting a franchise.
(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 hereunder.
(d) In the event that the payment required by this section is not received by the city within the specified time, grantee shall be required to pay to the city an additional charge for interest in an amount as set forth in the franchise ordinance or agreement between grantor and grantee granting a franchise. (Ord. No. 1097, § 1 (part).)