(1) During the term of the Franchise, beginning May 1, 1992, Grantee shall pay to the City an amount equal to five (5%) percent per year of the Grantee's annual Gross Revenue received. From January 1, 1992, to April 30, 1992, the Franchise Fee shall be at the 3 percent (3%) of basic service, as set forth in the previous Franchise ordinance.

(2) The Franchise Fees for calendar year 1992 shall be paid by March 31, 1993. Thereafter, the Franchise Fee shall be paid quarterly forty-five (45) days after the end of each quarter. Not later than the date of each payment, the Grantee shall file with the City a written statement signed under penalty of perjury by an officer of the Grantee, which identifies in detail the sources and amounts of Gross Revenues received by a Grantee during the year for which payment is made.

(3) No acceptance of any payment shall be construed as an accord that the amount paid is, in fact, the correct amount, nor shall such acceptance of payment be construed as a release of any claim which the City may have for further or additional sums payable under the provisions of this Section.