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311.06: TERM OF LICENSE AND RENEWALS: A. Term: All licenses issued through this Section shall be for a period of twelve (12) months beginning January 1, prorated on a monthly basis. B. Renewal: A license under this Section will not be renewed: 1. If the City Council determines that the licensee has failed to comply with the provisions of this Chapter in a preceding license year. 2. There would be sufficient grounds not to issue a license in the first instance. (Ord. 1139,4-25-1994) 311.07: LICENSE FEES: The license application fees for pawnbrokers' and precious metal dealers' licenses shall be as set forth in Section 301.03 of this Title. (Ord. 1139,4-25-1994) 311.075: BILLABLE TRANSACTION FEES: 1. Licensees shall pay a monthly transaction fee on all billable transactions as set forth in Section 301.03 of this Title. Such fee shall be due and payable within thirty (30) days. Failure to timely pay the billable transaction fee shall constitute a violation of this Chapter. 311.076: BOND REQUIRED At the time of filing an application for a license, the applicant shall file a bond in the amount ofTen Thousand Dollars ($10,000.00) with the City. The bond, with a duly licensed surety company as surety thereon, must be approved as to form by the City Attorney. The bond must be conditioned on the licensee observing all ordinances of the City and all laws relating to the business of pawnbroker or precious metal dealer, and the licensee accounting for and delivering to any person legally entitled thereto any articles which may have come into the possession of the licensee as pawnbroker or precious metal dealer, or in lieu thereof such licensee paying the person or persons the reasonable value thereof. The bond shall contain a provision that it may not be cancelled without thirty (30) days advance written notice to the licensing authority. 6