2624.1. - POSTING OF BONDS.

Every operator shall, before engaging in any business, admission to any premises, portion or event of which is subject to the tax imposed by this Part, post with the Treasurer a cash bond equal to the amount of the maximum tax payable by patrons thereof multiplied by the total capacity of the premises, multiplied by the number of events scheduled thereat. Subject to approval of the City Council, the cash bond may be based on the maximum tax payable by patrons thereof, multiplied by the number of events scheduled, multiplied by the City approved estimate of total attendance. The requirements set forth in this section regarding bonds, may be waived by the City Council.

(Amended by Ord. 1775 adopted 6-7-83)

In computing the cash bond no more than the total number of events within any one accounting period shall be used.

No such bond shall be required in the event the operator owns the premises upon which such business is to be conducted.