For transactions consummated on or after January 1, 1986, within fifteen days after making application to the district court for review of the decision of the finance director, the party making such application shall file with the district court a surety bond in twice the amount of the taxes, penalties, interest and other charges stated in the final decision by the finance director 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 by a state or federal savings and loan association, in accordance with the provisions of C.R.S. 11-35-101(1), equal to twice the amount of the taxes, penalties, interest and other charges stated in the final decision by the finance director. The taxpayer may, at his or her or her option, deposit the disputed amount with the finance director in lieu of posting a surety bond. If such amount is so deposited, no further interest shall accrue on the contested amount during the pendency of the action. At the conclusion of the action, after appeal or after the time for such appeal has expired, the funds deposited shall be, at the direction of the court, either retained by the finance director and applied against the amount due or returned in whole or in part with interest due to the taxpayer from the date it was paid to the finance director. No claim for refund of amounts deposited with the finance director need be made by the taxpayer in order for such amounts to be repaid in accordance with the direction of the court. (Ord. 1993-7 Exh. B (part))