A. Where 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 he deems it necessary to protect the revenues under this chapter, he may require such operator to file with the city a bond, issued by a surety company authorized to transact business in the 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.
B. In the event that the director determines that an operator is to file such bond, he shall give notice to such operator specifying the amount of bond required. The operator shall file such bond within five (5) days after the giving of such notice unless within such five (5) days the operator shall request in writing a hearing before the city council, at which hearing the necessary propriety and amount of the bond shall be determined by the city council. Such determination shall be final and shall be compiled within fifteen (15) days thereafter.
C. In lieu of such bond, securities approved by the director, or cash in such amount as he may prescribe, may be deposited with the director who may at any time after five (5) days' notice to the depositor, apply them to any tax or any penalties due, and for that purpose, the securities may be sold at private or public sale. (1992 Code § 7-812)