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the last day of the month in which business was first commenced, then the <br />collector may issue a written notification to such commercial cannabis business <br />granting such extension. <br />(c) Application of Security Deposit. To recover past -due business license taxes, <br />including penalties interest charges fees or costs (hereinafter collectively <br />referred to as business license tax liabilities) remittable by the depositor, the <br />collector may apply the security deposited with the collector. At least fifteen (15) <br />days prior to the application of a security deposit the collector shall serve upon the <br />depositing commercial cannabis business owner/operator notice of intent to apply <br />the security deposit. Service of notice may be made by placing the notice in the <br />United States mail postage prepaid addressed to the depositing commercial <br />cannabis business owner/operator at their place of business or other mailing <br />address of record. Any portion of the security remaining after satisfaction of <br />outstanding business license tax liabilities and any expenses related to third -party <br />administrative charges or fees relating to the liquidation and application of non - <br />cash deposits may be retained by the collector for security or in the case of a <br />closeout audit may be paid over by the collector to the depositing owner/operator. <br />Except in the case of a closeout audit pursuant to section 21-141 in the event the <br />collector applies the security deposit, or any portion of said deposit, as an offset <br />against remittable business license tax liabilities and any expenses related to third - <br />party administrative charges or fees relating to the liquidation and application of <br />non -cash deposits, the commercial cannabis business owner/operator shall be <br />required within thirty (30) days of the collectors written demand therefor, to re <br />deposit the full amount of the required security. In such event the amount of the <br />required security shall be adjusted by the collector based on the average of the <br />commercial cannabis business' actual monthly gross receipts tax returns and/or <br />remittances as measured over the last three (3) valid monthly retums and/or <br />remittances received by the collector or the sum of ten thousand dollars ($10,000). <br />whichever is least, less any amount remaining on deposit with the collector. <br />Service of demand shall be in the same manner as stated hereinabove for service <br />of notice. <br />(d) Failure to Post or Restore Security Deposit —effect. Failure by a commercial <br />cannabis business licensee to initially post or restore a security deposit when <br />required by the collector pursuant to this section shall be cause for suspension <br />and/or revocation of such commercial cannabis business' existing Santa An <br />Business License as set out in section 21-86 of this Chapter. Similarly, in the case <br />of a vertically and/or horizontally integrated cannabis business, the business <br />license(s) of the integrated commercial cannabis business(es) shall be likewise <br />sublect to suspension and/or revocation. <br />v <br />75A-33 <br />