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(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 hotel visitors 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 hotel visitors 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 hotel visitors tax as hereunder provided in section 35-140. (Ord. No. NS-2162, § 1, 6-15-92; Ord. No. NS-2648, § 9, 4-5-04) Sec. 35-140. Transfer or cessation of business; operator's duty to notify; remitting and reporting requirements; closeout 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 -day period prior to the transfer, sale or termination, in which case the operator shall then immediately notify the purchaser or transferee of their responsibility for unpaid taxes as set forth in subsections (c) and (d) below, and further certify in writing to the finance director that the transferee or purchaser was notified of the requirements of this article regarding its responsibility for unpaid collected taxes. (b) Remitting and reporting requirements. Each operator upon the transfer or cessation of business for any reason shall, on or before the last day of the next month following the transfer or cessation of business, make a return to the finance director on approved forms of the total taxable rents charged, the amount of tax collected for the reporting period, remittances made, if any, and the balance of the tax due, if any, shall be remitted to the finance director. (c) Closeout audit. After filing the final return and remitting the balance due, the operator shall make his records of account available for a closeout audit by the finance director or duly authorized employee or agent of the city. If, upon audit by the city, the operator transferring or quitting his business is found to have satisfied all hotel visitors liability, the finance director shall issue to such operator a certificate of nonliability stating the nonliability of the operator for payment of hotel visitors taxes. If, upon audit by the city, the operator transferring or quitting his business is deficient in either his return or his remittance or both, the finance director shall immediately assess such operator the amount of the net deficiency in accordance with section 35-132 above. Upon such operator's remittance of the deficient amount plus any penalty and interest assessed, the finance director shall issue a certificate of nonliability. (d) Successor's duty to notify. If an operator who is liable for any hotel visitors taxes, penalties or interest under this article sells or otherwise transfers his business, his assignee or successor in interest shall notify the finance director of the date of the sale or transfer at least thirty (30) days before the date of the sale or transfer. If the decision to sell or transfer was made within less than a thirty -day period prior to the sale or transfer, the assignee or successor in interest shall notify the finance director immediately and shall withhold an amount equal to the accrued or outstanding hotel visitors tax liability of the operator until the transferring operator produces either a receipt from the finance director showing that the tax, including any penalty, interest or other charge or cost outstanding, has been paid or a certificate of nonliability stating the City PiNaPPAKil RFP No. 23-%-5 187 196