If an operator who is liable for taxes, penalties or interest under this chapter sells, transfers or otherwise disposes of its interest in a hotel, the purchaser shall notify the Tax Collector of the date of sale at least 30 days before the sale or, if the agreement to sell the hotel provides for a sale date sooner than 30 days, the purchaser shall notify the Tax Collector immediately after entering the sales agreement. The purchaser shall withhold a portion of the purchase price at the time of sale that is sufficient to pay the Tax Collector the full amount the operator owes unless the operator produces a receipt from the Tax Collector showing that the tax, penalty or interest has been paid in full or produces a certificate from the Tax Collector stating that no amount is due.
(Amended by Ord. No. 3372 (N.S.), effective 7-23-69; amended by Ord. No. 3833 (N.S.), effective 3-9-72; amended by Ord. No. 6145 (N.S.), effective 9-10-81; amended by Ord. No. 9889 (N.S.), effective 10-26-07; amended by Ord. No. 10366 (N.S.), effective 2-5-15; amended by Ord. No. 10756 (N.S.), effective 12-2-21)