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(4) Approval of security. The security offered under Subdivisions 2 and 3 shall be approved by the city council and the state liquor control director. Surety bonds and liability insurance policies shall be approved as to form by the city attorney. Operation of licensed business without having on file with the city at all times effective security as required in Subdivisions 2 and 3 is a cause for revocation of the license. 153.040. License Fees. (1) Amount. The annual fee for a Wlne license is $1,500.00. (2) Payment. Each application for a wine license shall be accompanied by a receipt from the city treasurer for payment in full of the license fee. All fees shall be paid into the general fund. If an application for a license is rejected, the treasurer shall re- fund the amount paid. (3) Term; pro rata fee. Each license shall be issued for a period of one year ex- cept that if the application is made during the license year, a license may be issued for the remainder of the year for a pro rata fee, with any unexpired fraction of a month being counted as one month. Every license shall expire on the last day of December. (4) Refunds. No refund of any fee shall be made except as authorized by statute. (5) Granting of Licenses. (a) Investigation and issuance. The city council shall investigate all facts set out in the application. Opportunity shall be given to any person to be heard for or against the granting of the license. After the inves- tigation and hearing, the council shall, in its discretion, grant or refuse the application. No wine license shall become effective until it, together with the security furnished by the applicant, has been approved by the state liquor control director. (b) Person and premises license; transfer. Each license shall be issued only to the applicant -3-