Where the Clerk/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 or she deems it necessary in order to protect revenues under this subchapter, he or she may require such operator to file with the town a bond issued by a surety company authorized to transact business in this state in such amount as the Clerk/Treasurer 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/Treasurer determines that an operator is to file such bond, he or she 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 days after receiving such notice unless, within such five days, the operator shall request in writing a hearing before the Board of Trustees, at which time the necessity and amount of the bond shall be determined by the Board of Trustees. Such determination shall be final and shall be complied with within 15 days thereafter. In lieu of such bond, securities approved by the Clerk/Treasurer or cash in such amount as he or she may prescribe may be deposited with the Clerk/Treasurer, who may at any time after five days notice to the depositor apply them to any tax and/or penalties due, and for that purpose, the securities may be sold at private or public sale.
(Prior Code, Ch. 7, Art. 4, § 66) Penalty, see § 34.999