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<br /> <br /> <br /> <br /> <br /> <br /> paragraph 12(c). This adjustment for the Growth Factor will be made effective as of <br /> <br /> each anniversary date of this Ordinance. <br /> <br /> The TELEPHONE COIVIPANY shall adjust its billings to customers to account <br /> <br /> for any undercollection or overcollection of the Charge due the CITY. <br /> <br /> (b) The Charge for each year shall be paid in four (4) equal payments. The first payment <br /> <br /> under this Ordinance shall be due on the last day of the fifth month following the <br /> <br /> effective date hereof, with subsequent payments due on the last day of each third <br /> <br /> successive month thereafter during the term of this Ordinance. In the event of any over <br /> <br /> or undercollection from customers at the expiration of this Ordinance, the <br /> <br /> TELEPHONE COMPANY may make a pro rata one-time credit or charge to the <br /> <br /> customer billing for affected customers who are billed for a service included within <br /> <br /> Gross Receipts, as defined in Paragraph 12(a). This will be accomplished within 150 <br /> <br /> days following the date of expiration of this Ordinance. If however, it is impractical <br /> <br /> to credit any overcollection to customers, then such overcollection shall be paid to the <br /> <br /> CITY. <br /> <br /> (c) The Growth Factor shall be calculated by dividing the TELEPHONE COMPANY'S <br /> <br /> revenues within the corporate limits of the CITY subject to state sales taxes ("Sales Tax <br /> <br /> Revenues") for the twelve month period ending three (3) months prior to the next <br /> <br /> anniversary date of this Ordinance by the Sales Tax Revenues for the twelve month <br /> <br /> period ending three (3) months prior to either the initial effective date or the preceding <br /> <br /> anniversary date of this ordinance, as applicable. The Growth Factor calculated by the <br /> <br /> method set forth in the preceding sentence, if greater than one, shall be multiplied by <br /> <br /> the current year's Charge to determine the dollar amount of the Charge for the next <br /> <br /> year. If the Growth Factor calculated above is one or less, the Charge for the next year <br /> <br /> shall be equal to the current year's Charge. The TELEPHONE COMPANY will <br /> <br /> adjust its customer billing to account for the Growth Factor calculated above. <br /> <br /> Once the Growth Factor calculation is completed, the TELEPHONE <br /> <br /> COMPANY will provide the CITY with the Sales Tax Revenues upon which the <br /> <br /> Growth Factor calculation was based. <br /> <br /> The CITY agrees to rely upon audits by the Texas Comptroller of Public <br /> <br /> SOCi'17IWRS7'ERN BELI, SF.TTI.EMENT ORDINANCE - PaRe 8 <br />