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A. Licenses issued under the provisions of this chapter shall expire on January 1 of the third year of issuance.
B. The license fee shall be in the amount established by council resolution.
C. The transfer fee for transferring a current valid license to a new owner shall be in the amount established by council resolution.
D. Bicycle dealers who hold valid business licenses issued pursuant to the provisions of title 3, chapter 1, article 2 of this code shall be exempt from the payment of such fees when acquiring bicycles for sale, resale, or trade.
E. All revenues collected from licensing under the provisions of this chapter shall be used in manner as designated in section 39004 of the state Vehicle Code. (1962 Code § 3-1.01 et seq.)