Where the clerk believes that any operator is about to cease business, leave the state, or remove or dissipate assets, or for any other similar reason the clerk deems it necessary in order to protect revenues under this chapter, the clerk 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 clerk 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 clerk determines that an operator is to file such bond, the clerk shall give notice to such operator specifying the amount of bond required, which shall in no event exceed twice the amount of the sum in controversy. The operator shall file such bond within five (5) days after receiving such notice unless within such five (5) days the operator shall request in writing a hearing before the city council at which time the necessity 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, securities approved by the clerk or cash in such amount as the clerk may prescribe may be deposited with the clerk, who may at any time after five (5) 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. 1700 § 2, 1994)