In the event that any identification card or tag is lost or stolen for any bicycle registered pursuant to this Chapter and the owner or person having charge or control of such bicycle furnishes satisfactory proof to the Chief of Police of such loss or theft upon payment of the fee provided in Section 10.32.040, the Chief of Police shall issue a new identification card or tag. It shall be the duty of any owner or person having charge or control of any bicycle registered pursuant to this Chapter, to notify the Chief of Police immediately of the loss or theft of such bicycle.