(a) If the Tax
Collector believes that the collection of any assessment or deficiency
of any amounts imposed by this Chapter will be jeopardized by delay,
he shall deliver to the taxpayer a notice of such finding and demand
immediate payment of the tax or deficiency declared to be in jeopardy,
including interest, penalties, and additions.
(b) Jeopardy assessments
are immediately due and payable, and the Tax Collector may immediately
begin proceedings for collection. The taxpayer, however, may stay
collection by filing, within ten (10) days after receipt of notice
of jeopardy assessment, or within such additional time as the Tax
Collector may allow, by bond or collateral in favor of the City in
the amount Tax Collector declared to be in jeopardy in his notice.
(c) "Bond or
Collateral", as required by this Section,
(1) shall mean
either:
(A) a bond
issued in favor of the City by a surety company authorized to
transact business in this State and approved by the Director of
Insurance as to solvency and responsibility, or
(B) collateral
composed of securities or cash which are deposited with, and kept
in the custody of, the Tax Collector.
(2) shall be
of such form that it may, at any time without notice, be applied
to any tax, penalties, or interest due and payable for the purposes
of this Chapter. Securities held as collateral by the Tax Collector
must be of a nature that they may be sold at public or private sale
without notice to the taxpayer.
(d) If bond or
collateral is not filed within the period prescribed by subsection
(b) above, the tax collector may treat the assessment as final for
purposes of any collection proceedings. The taxpayer nevertheless
shall be afforded the appeal rights provided in Sections ___-570 and
___-575. The filing of a petition by the taxpayer under Section ___-570,
however, shall not stay the tax collector's rights to pursue any collection
proceedings.
(e) If the taxpayer
timely files sufficient bond or collateral, the jeopardy requirements
are deemed satisfied, and the taxpayer may avail himself of the provisions
of Section ___-570, including requests for additional time to file
a petition.
