Each owner or operator referred to in § 72.27(B) may, within 24 hours of the time when the notice was attached to his vehicle, pay to the Chief of Police, a penalty for and in full satisfaction of such violation in accordance with policy established by Council. The failure of such owner or operator to make such payment within 24 hours shall render such owner or operator subject to the penalties provided for in § 70.99.
('64 Code, § 16-51)