In the event of initial collection of the Tax levied hereunder shall be collected by the City, or after such termination of an Agreement of Administration authorized in Section 12 hereof, where the City Administrator believes that any Operator is about to cease business, leave the state, or remove or dissipate assets, or for any other similar reason the City Administrator deems it necessary in order to protect revenues under this chapter 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 City Administrator 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 City Administrator determines that an operator is to file such bond, the City Administrator shall give notice to such operator specifying the amount of security required. The operator shall file such security as a performance bond or irrevocable letter of credit within five (5) days after the filing of such notice unless within such five (5) days the operator shall request in writing a hearing before the City Council, at which time the necessary propriety and amount of the bond shall be determined by the City Council. Such determination shall be final and shall be complied with within fifteen (15) days thereafter. In lieu of such bond, a cash or securities escrow, in an amount and under terms approved by the City Administrator, may be deposited with the City Administrator, 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. 370, 2-6-2023)