§ 39.85  PAYMENT OF TAX.
   (A)   Timely payment required.
      (1)   At the time of filing a return of occupancy and of rents, each operator shall pay to the city the taxes imposed upon the rents included in such return, as well as all other moneys collected by the operator acting or purporting to act under the provisions of this subchapter.
      (2)   All taxes for the period for which a return is required shall be due and payable on or before the date fixed for filing, regardless of whether a return is filed or whether as filed it correctly  shows the amounts of rents and taxes due.
   (B)   Performance and payment bond; irrevocable letter of credit; escrow account.
      (1)   If any operator has twice failed to pay taxes on or before the date fixed for payment,  or refuses to pay the taxes, or if the Tax Collector has reasonable grounds for belief that the operator is about to cease business or leave the state or remove or dissipate assets, or if, for any similar reason he or she deems it necessary to protect revenues due hereunder, the Tax Collector may require an operator to file with the city either a performance and payment bond, as detailed herein, or in lieu of this bond, an escrow account or an irrevocable letter of credit, as detailed herein.
      (2)   These instruments shall be provided as follows:
         (a)   A performance and payment bond in a form acceptable to the city, naming the operator as obligee thereof, executed by a surety acceptable to the city and authorized to do business in the state, in a sum equal to the city-wide average daily room rental rate, to be ascertained by the Tax Collector, times the number of rooms available for rent within the hotel multiplied by a factor of 30, times 5%; or
         (b)   An irrevocable letter of credit in a form acceptable to the city, executed by the operator and a federally insured financial institution acceptable to the city, providing for a sum equal to the city-wide average daily room rental rate, to be ascertained by the Tax Collector, times the number of rooms available for rent within the hotel multiplied by a factor of 30, times 5%; or
         (c)   An escrow account held by the city in a sum equal to the city-wide average daily room rental rate, to be ascertained by the Tax Collector, times the number of rooms available for rent within the hotel multiplied by a factor of 30, times 5%.
(Ord. 2001-02, passed 1-16-01; Am. Ord. 2015-21, passed 10-5-15)  Penalty, see § 10.99