The Director of Finance, whenever he deems it necessary to insure compliance with the provisions of this chapter, may require any person subject thereto to place with him such security as the Director of Finance may determine. The amount of the security shall be fixed by the Director of Finance but, except as noted below, shall not be greater than twice the estimated average liability of persons filing returns for monthly periods or Ten Thousand and no/100ths ($10,000.00) Dollars, whichever amount is the lesser. The limitations herein provided shall apply regardless of the type of security placed with the Director of Finance. The amount of the security may be increased or decreased by the Director of Finance subject to the limitations herein provided. The Director of Finance may sell the security at public auction if it becomes necessary to do so in order to recover any tax or amount required to be collected, interest, or penalty due. Notice of the sale may be served upon the person who placed the security personally or by mail; if by mail, service shall be addressed to the person at his address as it appears in the records of the Director of Finance. Security in the form of a bearer bond issued by the United States or the State, which bond has a prevailing market price, may, however, be sold by the Director of Finance at private sale at a price not lower than the prevailing market price thereof. Upon any sale any surplus above the amounts due shall be returned to the person who placed the security.
In lieu of the foregoing security requirements, any person subject to the provisions contained herein may request the establishment by the Director of Finance of a public funds account with any bank of the person's choice within the Thousand Oaks area. At the times such person deposits general hotel receipts, but no later than weekly, he shall deposit in said public funds account hotel tax receipts collected pursuant to the provisions of this chapter. Upon the receipt of the tax return forms provided by the City, the Director of Finance will transfer into the general funds of the City the amounts indicated on the tax return forms.
(§ 1, Ord. 215-NS, eff. July 15, 1971)