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For transactions consummated on or after January 1, 1986:

(1) Within fifteen (15) days after filing a notice of appeal as provided in Subsection 4-2-760(e) below, the taxpayer shall file with the District Court a surety bond of twice the amount of the taxes, interest and other charges stated in the final decision by the Town Manager which are contested on appeal. The taxpayer may, at his or her option, satisfy the surety bond requirement by a savings account or deposit in or a certificate of deposit issued by a state or national bank or a state or federal savings and loan association, in accordance with the provisions of Section 11-35-101(1), C.R.S., equal to twice the amount of the taxes, interest and other charges stated in the final decision by the Town Manager.

(2) The taxpayer may, at his or her option, deposit the disputed amount with the Town Manager in lieu of posting a surety bond. If such amount is so deposited, no further interest shall accrue on the deficiency contested during the pendency of the action. At the conclusion of the action, after appeal to the Supreme Court or Court of Appeals or after the time for such appeal has expired, the funds deposited shall be, at the direction of the court, either retained by the Town Manager and applied against the deficiency or returned in whole or in part to the taxpayer with interest at the rate imposed pursuant to Section 4-2-620 of this Article. No claim for refund of amounts deposited with the Town Manager need be made by the taxpayer in order for such amounts to be repaid in accordance with the direction of the court. (Ord. 1263, 2007)