A. The tax collector, whenever he or she deems it necessary to insure compliance with this chapter, may require any person subject thereto, to place with him or her such security as the tax collector may determine. The amount of the security shall be fixed by the tax collector but, except as noted below, shall not be greater than twice the estimated average liability of persons filing returns for monthly periods or ten thousand dollars whichever amount is the lesser. The limitations provided in this chapter apply regardless of the type of security placed with the tax collector. The amount of the security may be increased or decreased by the tax collector subject to the limitations provided in this chapter. The tax collector may sell the security at public auction if it becomes necessary to do so in order to recover any tax or amount required to be collected, interest, or penalty due. Notice of the sale may be served upon the person who placed the security personally or by mail; if by mail, service shall be addressed to the person at his or her address as it appears in the records of the tax collector. Security in the form of a bearer bond issued by the United States or the state which has a prevailing market price may, however, be sold by the tax collector at private sale at a price not lower than the prevailing market price thereof. Upon any sale any surplus above the amounts due shall be returned to the person who placed the security. Upon cessation of business an audit shall be conducted by the tax collector. Any unpaid amounts due to the city of Bakersfield shall be deducted from the security deposit and any remaining amounts shall be returned to the person who placed the security deposit. (Ord. 4575 § 1, 2009; prior code § 6.12.075)