The City Manager/Safety Director shall cause to be conducted periodic inspections of all bicycles at such times and in such manner as he at his discretion determines practicable. Any operating defects found as a result of any such inspection shall be corrected within ten days of notice thereof and the bicycle reinspected. If such defect is not so corrected and such bicycle reinspected within ten days, such bicycle shall not be operated within or on the public ways of the City and, if so operated, shall be impounded by the Division of Police until arrangements have been made to have the defect corrected. A fee of one dollar ($1.00) per day shall be charged for each day any bicycle is impounded and held under this Section before release.