An owner or operator of a vehicle may, within 24 hours from the time the notice referred to in section 7-1-171 was attached to the vehicle or delivered to the owner or operator, pay to the city, as a penalty for the offense indicated in the notice, the sum of two dollars ($2.00). An owner or operator may, after 24 hours but within 10 days from the time the notice was attached or delivered, pay to the city, as a penalty for the offense, the sum of $10. Failure of the owner or operator of such vehicle to appear and pay the penalty within the 10 day period shall subject the owner or oper-ator to the penalties provided in section 7-1-174.