A. Where the treasurer believes that any operator is about to cease business, leave the state, or remove or dissipate assets, or for any other similar reason he deems it necessary in order to protect revenues under this chapter, he 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 treasurer may fix to secure the payment of any surcharge or penalties and interest due, or which may become due, from such operator.
B. In the event that the treasurer determines that an operator is to file such bond, he 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. (2000 Code § 7-713)
C. In lieu of such bond, securities approved by the treasurer, or cash in such amount as he may prescribe may be deposited with the treasurer who may at any time after five (5) days' notice to the depositor apply them to any surcharge and/or any penalties due, and for that purpose the securities may be sold at private or public sale. (2000 Code § 7-713; amd. Ord. 1079, 4-8-2008, eff. 5-8-2008)