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• ORDINANCE 94- 677 <br /> Page 8 <br /> 3 . Each license shall expire on December 31st of the year in <br /> which it is issued. Fees for licenses issued during the <br /> license year shall be prorated according to the number of <br /> months remaining in the year. For this purpose an unexpired <br /> fraction of a month shall be counted as a whole month which <br /> shall have elapsed. <br /> 4 . No refund of any fee shall be made except as authorized <br /> by ordinance. <br /> 812 .40 Bond required. At the time of filing an application <br /> for a license, the applicant shall file a bond in the amount of <br /> $5, 000 with the City Clerk. The bond, with a duly licensed surety <br /> company as surety thereon, must be approved as to form by the city <br /> attorney. Said bond must be conditioned that the licensee shall <br /> observe the ordinances of the City, in relation to the business of <br /> pawnbroker and precious metal dealer, and that the licensee will <br /> account for and deliver to any person legally entitled thereto any <br /> articles which may have come into the possession of the licensee as <br /> pawnbroker or precious metal dealer or in lieu thereof such <br /> licensee shall pay the person or persons the reasonable value <br /> thereof. <br /> 812 . 45 Granting of Licenses. <br /> 1. No license shall be issued until the Police Department <br /> has conducted an investigation of the representations set <br /> forth in the application, the applicant's moral character, and <br /> the applicant's financial status. All applicants must <br /> cooperate with this investigation. <br /> 2 . No license shall be issued until the Council has held <br /> public hearings in accordance with the following: <br /> a. Two public hearings shall be held at least 30 days <br /> apart. Notice of the hearings shall be made in the same <br /> manner as that specified in Section 300. 09, Subdivision <br /> 3 for a zoning ordinance amendment affecting district <br /> boundaries. <br /> b. At the public hearings all persons interested in the <br /> matter shall be heard, and the hearings may be adjourned <br /> from time to time. No hearing shall be required for a <br /> renewal of a license, but the Council may, at its option, <br /> hold a hearing. <br /> • 3 . The City Council may issue a license before an <br /> investigation, notice and public hearing for an applicant who: <br />