§ 20-154. BOND REQUIRED.
   When the Director believes that any operator is about to cease business, leave the state, or remove or dissipate assets, or for any other similar reason, the Director deems it necessary in order to protect revenues under this article, the Director may require such operator to file with the city a bond issued by a surety company authorized to transact business in this state in such amount as the Director may fix to secure the payment of any tax or penalties and interest due, or which may become due from such operator. In the event that the Director determines that an operator is to file such bond, notice shall be given to such operator specifying the amount of bond required. The operator shall file such bond within five days after the delivery or mailing of such notice unless, within such five days, the operator shall request in writing a hearing before the City Council or its designee, at which time, the propriety and amount of the bond shall be determined by the City Council or its designee. Such determination shall be final and shall be complied with within 15 days thereafter. In lieu of such bond, securities approved by the Director, or cash in such amount as he or she may prescribe, may be deposited with the Director. The Director may at any time, after five days’ notice to the operator, apply the bond, cash, or other security to any tax and/or any penalties due, and for that purpose, the securities may be sold at private or public sale.
(Prior Code, § 20-154) (Ord. 2000-835, passed 8-21-2000)