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 monies collected by the operator acting or purporting to act under the provisions of this chapter. All taxes for the period for which a return is required shall be due and payable on or before the date fixed for the filing of the return for such period, without regard to whether a return is filed or whether the return correctly filed shows the amount of rents and the taxes due. If any operator has twice failed to pay taxes on or before the date fixed for payment of such taxes or if any operator refuses to pay the taxes or if the city clerk has reasonable grounds for belief that any operator is about to cease business or leave the state or remove or dissipate assets, or if, for any similar reason he/she deems it necessary to protect revenues due hereunder, the city clerk 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. Should the operator not submit either a performance and payment bond, an escrow account or an irrevocable letter of credit within fifteen (15) days of notice to do so, the city council may conduct a hearing to suspend or revoke the license pursuant to the ordinances of the city of Poteau. The performance bond, irrevocable letter of credit or escrow account 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 of Oklahoma, in a sum equal to the citywide average daily room rental rate, to be ascertained by the city clerk, times the number of rooms available for rent within the hotel multiplied by a factor of thirty (30), times five percent (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 citywide average daily room rental rate, to be ascertained by the city clerk, times the number of rooms available for rent within the hotel multiplied by a factor of thirty (30), times five percent (5%); or
C. An escrow account held by the city in a sum equal to the citywide average daily room rental rate, to be ascertained by the city clerk, times the number of rooms available for rent within the hotel multiplied by a factor of thirty (30), times five percent (5%). (Ord. 722, 2-1-2012)