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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1988, AS AMENDED, BY ORDAINING SECTION 35-417 THEREOF, PERTAINING TO TAXATION. BEFIT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Chapter 35 of the Code of Portsmouth, Virginia, 1988, as amended, thereto ~35-417 to read as follows: the City of be amended by adding Section 35-417. Requirement of bond or letter of credit; authority of the Commissioner of the Revenue. (a) The commissioner of the revenue shall require all new restaurants as defined in this Article to post annually a bond with corporate surety to ensure faithful performance of the restaurant's duties to the City as to meal taxes collected and held by the restaurant. The bond, including the corporate surety thereon, shall be in a form deemed satisfactory by the city attorney. For such new restaurant, the amount of the bond shall be equal to the sum total of the meal taxes to be collected on estimated gross receipts for the first quarter of operation as shown on the application for business license. Notwithstanding the foregoing provisions, no such bond shall be issued or accepted in an amount less than one thousand dollars ($1,000). (b) The commissioner of the revenue shall require all existing restaurants as defined in this Article with unsatisfactory reporting or remittance records to post annually a bond with corporate surety to ensure faithful performance of the restaurant's duties to the City as to meal taxes collected and held by the restaurant. The bond, including corporate surety thereon, shall be in a form deemed satisfactory by the city attorney. The bond shall be in an amount not less than the sum total of the meal taxes collected by the restaurant during the highest quarter of the previous tax year. Notwithstanding the foregoing provisions, no such bonds shall be issued or accepted in an amount less than one thousand dollars $1,000). (c) The commissioner of the revenue is authorized to develop, implement, and utilize such forms, regulations and procedures as may be useful and expedient in implementing this section. The commissioner may accept an irrevocable letter of credit in lieu of the required bond, provided that the letter of credit is reviewed and approved by the city attorney.