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ORDINANCE NS-2162 Page 13 (a) To insure compliance with transient occupancy tax payment requirements, the finance director shall require each new operator subject to such requirements to deposit with the city within one year after the effective date of this article, or within thirty (30) days after commencing business, whichever is later, such security in a form acceptable to the finance director in the amount not greater than the person's estimated average liability for the first period for which a return must be filed or the sum of ten thousand dollars ($10,000.00), whichever is the lesser. To recover transient occupancy taxes, including penalties and interest, remittable by the depositor, the finance director may apply the security deposited with the finance director. (b) At least fifteen (15) days prior to the application of a security deposit, the finance director shall serve upon the depositing operator notice of intent to apply the security deposit. Service of notice may be made by placing the notice in the United States mail, postage prepaid, addressed to the depositing operator at his hotel. Any portion of the security remaining after satisfaction of outstanding transient occupancy taxes, penalties, interest and costs of sale, may be retained by the finance director for security or may be paid over by him to the depositing operator. (c) In the case of the transfer or cessation of business by the depositor, the finance director shall refund or release the security amount required pursuant to this section, upon depositor's presentation to the finance director of either a receipt from the finance director showing that all transient occupancy taxes, including any penalty, interest or other charges or costs outstanding, have been paid or a certificate of nonliability stating the nonliability of the depositor for payment of transient occupancy tax as hereinunder provided in section 35-140. ~eo. 35-~40. Transfer or cessation of business; operator's duty to notify; remitting and reporting requirements; eloseout audit; successor's duty to notify; successor's liability; certificate of nonliability. (a) Operator's duty to notify. An operator who is transferring, selling or terminating his business shall notify the finance director in writing of such sale, transfer or termination and the name and address of the purchaser or transferee at least thirty (30) days in advance of the date of the transfer, sale or termination, unless the decision to sell, transfer or terminate was made within less than a thirty (30) day period prior to the transfer, sale or termination, in which case the operator shall then immediately notify the 13