§ 6-300. Wholesaler's deposit.

Each new wholesaler licensed by the city or registered with the city, whether located outside or within the city limits, shall be required to place three months of the tax required by this article on deposit with the city. This deposit shall be an amount equal to the amount of tax paid by the wholesaler during the first month of operation in the city, and shall be deposited at the same time as the first payment of taxes. This deposit shall be retained by the city to be applied to make up for any default on the part of the wholesaler and shall be refunded to the wholesaler upon its ceasing to do business in the city, provided that the wholesaler is current in its remission of taxes. This deposit shall be adjusted each year to be an average of one-twelfth of the previous year's tax collections. A surety bond payable to the city may be posted in lieu of this deposit if such bond is in an amount equal to twice the deposit required. The deposit or bond required by this section shall be waived by the city commission upon a showing by the wholesaler that it has paid the tax levied by section 6-297 in a timely manner for a period of two consecutive years; provided, however, that if such deposit or bond is so waived, the city commission shall have the right to reinstitute the requirement of making such deposit or posting such bond if the wholesaler thereafter fails to make timely payment of the tax levied by section 6-297 with respect to any month.

(Ord. No. 01-05-01, § 1(24-64), 3-1-2005)