At the time of filing a return of occupancy and of rents, each
operator shall pay to the City Commissioner of Finance the taxes imposed
by this article upon the rents required to be included in such return,
as well as all other monies collected by the operator acting or purporting
to act under the provisions of this article; even though it be judicially
determined that the tax collected is invalidly required to be filed,
shall be due from the operator and payable to the City Commissioner
of Finance on the date prescribed herein for the filing of the return
for such period, without regard to whether a return is filed or whether
the return which is filed correctly shows the amount of rents and
taxes due thereon. Where the City Commissioner of Finance in his/her
discretion deems it necessary to protect revenues to be obtained under
this article, he/she may require any operator required to collect
the tax imposed by this article to file with him/her a bond, issued
by a surety company authorized to transact business in this state
and approved by the Superintendent of Insurance of this state as to
solvency and responsibility, in such amount as the City Commissioner
of Finance may find to secure the payment of any tax and/or penalties
and interest due or which may become due from such operator. In the
event that the City Commissioner of Finance determines that an operator
is to file such bonds, he/she shall give notice to such operator to
that effect, specifying the amount of the bond required. The operator
shall file such bond within five days after the giving of such notice
unless, within such five days, the operator shall request in writing
a hearing before the City Commissioner of Finance at which the necessity,
propriety and amount of the bond shall be determined by the City Commissioner
of Finance. Such determination shall be final and shall be complied
with within 15 days after the giving of notices thereof. In lieu of
such bond, securities approved by the City Commissioner of Finance
or cash in such amount as he/she may prescribe may be deposited with
him/her, which shall be kept in the custody of the City Commissioner
of Finance, who may at any time, without notice to the depositor,
apply them to any tax and/or interest or penalties due, and for that
purpose the securities may be sold by him/her at public or private
sale without notice to the depositor thereof.
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