(A) Where the City Manager believes that any operator is about to cease business, leave the state or remove or dissipate assets, or for any other similar reason he or she believes it necessary in order to protect revenues under this article, he or she may require the operator to file with the city a bond issued by a surety company authorized to transact business in this state in the amount as the City Manager may fix to secure the payment of any tax or penalties and interest due, or which may become due from the operator. In the event that the City Manager determines that an operator is to file the bond, he or she shall give notice to the operator specifying the amount of bond required. The operator shall file the bond within five days after the giving of the notice unless within the five days the operator shall request in writing a hearing before the City Council, at which the necessity and amount of the bond shall be determined by the City Council.
(B) The determination shall be final and shall be complied with within 15 days thereafter.
(C) In lieu of the bond, securities approved by the City Manager, or cash in the amount as he or she may prescribe, may be deposited with the City Manager, who may at any time after five days notice to the depositor, apply them to any tax and/or any penalties due and for that purpose the securities may be sold at private or public sale.
(Ord. 3034, passed 6-16-98)