When a police officer of the City has placed on any vehicle a notice to the owner or operator thereof that such vehicle has been parked in violation of a provision of Section 363.03 or 363.04(b) and instructing the owner or operator to report to Police Headquarters in the Municipal Building in regard to the violation, each owner or operator may, within twenty-four hours of the time when the notice was attached to the vehicle, pay to the police officer on duty at the Municipal Building, a penalty as prescribed by law in full satisfaction of such violation. The failure of such owner or operator to make the payment within twenty-four hours shall render the owner or operator subject to the penalties hereinafter provided for a violation of the provisions of this article. (1976 Code Sec. 18-179)