Combined Code_2017

proposed transaction and the town board shall act by resolution. The town board shall have 60 days within which to approve or disapprove a transfer of control; if no action is taken within 60 days, approval shall be deemed to have been given. (b) Notice of such transfer, together with copies of all documents pertaining thereto shall be in writing filed with the town clerk at least 30 days prior thereof and expressly conditioned upon full compliance with the terms of the franchise issued and this article. The transferee shall agree in writing to comply with all provisions of this article and such other provisions and requirements as the town board might require. (c) For the purpose of this section the term "control" is not limited to majority stock ownership, but includes actual working control in whatever manner exercised. A rebuttable presumption that a transfer of control has occurred shall arise upon the acquisition or accumulation by any person or group of persons of ten percent of the voting shares of the company. (d) In the absence of extraordinary circumstances, the town board will not approve any transfer or assignment of the franchise before completion of initial construction of the energized system or within the first (a) Within 60 days after each quarter of its fiscal year, after acceptance of a franchise, the grantee shall pay to the town for constructing, operating, and maintaining the cable telecommunications system as defined herein, and for the privilege of providing the cable telecommunications service as defined herein during the ensuing fiscal year, a sum equal to five percent of its gross revenue for its preceding quarter. The payment of this fee is in addition to any privilege or use tax or ad valorem taxes which the town may levy. Within four months after the expiration of the grantee's fiscal year, the grantee shall file with the town an audited financial statement prepared by a certified public accountant showing in detail the gross subscriber revenues, as defined herein, of the grantee during such fiscal year. At any time, the town board, its employee or other designated representative, shall have the right to inspect all financial documents. Acceptance of payments hereunder shall not be construed as a release or as an accord and satisfaction of any claim the town may have for further or additional sums payable under this article or for the performance of any other obligations hereunder. In the event of holding over after expiration or other termination of any franchise granted hereunder, without the consent of the town, the grantee shall pay to the town reasonable compensation and damages, of not less than 100 percent of its total gross profits during said period. (b) Company and Town of Morrisville agree that the five percent franchise fee provided for herein shall be reviewed every five years during the term of this franchise, and the franchise fee, at the sole option of the town board, shall be adjusted if the town board determines that an adjustment is necessary in order to maintain franchise fee at a level consistent with: (1) Franchise fees being paid by cable telecommunications companies operating under similar conditions. two years of operation thereafter. (Ord. No. 95-64, § V, 8-14-95) Sec. 56-41. Franchise and other fees.

CD56:7

Supp. No. 9