Members of the Police Division of the City are hereby authorized to issue parking tickets, in lieu of arrest citations, to violators or alleged violators of any of the provisions of this chapter, and to place such tickets on the motor vehicle of such violator or alleged violator. Such tickets shall provide prescribed fines for such violations, which may be paid within a stipulated period or periods of time, and shall also provide that upon the failure of the owner or operator of the motor vehicle to pay such prescribed fine within the period or periods of time stipulated, that such person shall be prosecuted for the violation or violations according to the provisions of Section 303.99. Such prescribed fines shall be as established from time to time by Council and payment thereof by the owner or operator of the motor vehicle shall be deemed a plea of guilty, waiver of court appearance and acknowledgment of conviction of the alleged offense and may be accepted by the City in full satisfaction of the penalty prescribed in Section 303.99. Payment of the prescribed fine need not be accepted when laws prescribe that a certain number of such offenses shall require court appearance.